Sinclair Broadcast Group Inc (NASDAQ:SBGI) shares gapped down before the market opened on Thursday after B. Riley lowered their price target on the stock from $70.00 to $61.00. The stock had previously closed at $41.56, but opened at $43.40. B. Riley currently has a buy rating on the stock. Sinclair Broadcast Group shares last traded at $43.83, with a volume of 19,211 shares changing hands.
Other equities analysts have also issued research reports about the company. ValuEngine lowered Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered Sinclair Broadcast Group from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 9th. BidaskClub lowered Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Friday, August 2nd. Evercore ISI set a $50.00 price target on Sinclair Broadcast Group and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $80.00 price target (down previously from $90.00) on shares of Sinclair Broadcast Group in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $52.00.
In related news, Director Daniel C. Keith sold 13,250 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $56.58, for a total value of $749,685.00. Following the completion of the sale, the director now owns 46,000 shares in the company, valued at $2,602,680. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David D. Smith acquired 395,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The stock was bought at an average price of $55.10 per share, with a total value of $21,764,500.00. The disclosure for this purchase can be found here. Insiders sold 18,250 shares of company stock valued at $1,017,345 in the last quarter. 32.30% of the stock is currently owned by corporate insiders.
The firm has a fifty day moving average price of $53.22. The firm has a market cap of $4.15 billion, a P/E ratio of 13.12 and a beta of 1.12. The company has a quick ratio of 3.12, a current ratio of 3.12 and a debt-to-equity ratio of 2.66.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.04. Sinclair Broadcast Group had a return on equity of 22.90% and a net margin of 10.60%. The company had revenue of $771.00 million during the quarter, compared to the consensus estimate of $764.48 million. During the same period in the prior year, the company earned $0.27 earnings per share. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Analysts anticipate that Sinclair Broadcast Group Inc will post 2.64 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be issued a $0.20 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.80 annualized dividend and a dividend yield of 1.83%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 23.88%.
About Sinclair Broadcast Group (NASDAQ:SBGI)
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, sales, and other non-programming operating services to television stations. The company broadcasts free over-the-air programming, such as network provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated entertainment programs, and internally originated programming to television viewing audiences in the communities through its local television stations.
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