Royal Bank of Canada Sells 159,271 Shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI)

Royal Bank of Canada lowered its stake in shares of Sinclair Broadcast Group Inc (NASDAQ:SBGI) by 27.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 422,192 shares of the company’s stock after selling 159,271 shares during the quarter. Royal Bank of Canada owned 0.46% of Sinclair Broadcast Group worth $22,642,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SBGI. JPMorgan Chase & Co. increased its position in shares of Sinclair Broadcast Group by 118.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,797,608 shares of the company’s stock valued at $148,832,000 after purchasing an additional 1,517,108 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Sinclair Broadcast Group by 33.3% during the 2nd quarter. Renaissance Technologies LLC now owns 4,291,227 shares of the company’s stock valued at $230,139,000 after acquiring an additional 1,072,664 shares during the period. Invesco Ltd. boosted its holdings in Sinclair Broadcast Group by 1,038.3% during the 2nd quarter. Invesco Ltd. now owns 939,594 shares of the company’s stock valued at $50,389,000 after acquiring an additional 857,047 shares during the period. Eagle Asset Management Inc. purchased a new position in Sinclair Broadcast Group during the 2nd quarter valued at $37,659,000. Finally, Capital Growth Management LP purchased a new position in Sinclair Broadcast Group during the 2nd quarter valued at $33,680,000. 64.79% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SBGI stock traded up $0.10 during mid-day trading on Friday, hitting $41.51. The stock had a trading volume of 3,880 shares, compared to its average volume of 770,204. Sinclair Broadcast Group Inc has a 12-month low of $25.14 and a 12-month high of $66.57. The firm has a market capitalization of $3.89 billion, a P/E ratio of 12.39 and a beta of 1.18. The firm’s 50-day moving average is $43.59 and its two-hundred day moving average is $48.54. The company has a debt-to-equity ratio of 2.59, a current ratio of 3.11 and a quick ratio of 3.11.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, August 7th. The company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.04. Sinclair Broadcast Group had a return on equity of 23.05% and a net margin of 10.60%. The business had revenue of $771.00 million during the quarter, compared to analysts’ expectations of $764.48 million. During the same period in the prior year, the business earned $0.27 EPS. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. Analysts expect that Sinclair Broadcast Group Inc will post 2.31 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date was Thursday, August 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 23.88%.

A number of research firms recently issued reports on SBGI. Cannonball Research began coverage on Sinclair Broadcast Group in a report on Monday, September 9th. They set a “hold” rating and a $44.00 price objective for the company. B. Riley dropped their price objective on Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating for the company in a report on Wednesday, August 14th. Zacks Investment Research cut Sinclair Broadcast Group from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 9th. ValuEngine cut Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Benchmark reiterated a “buy” rating and issued a $80.00 target price (down from $90.00) on shares of Sinclair Broadcast Group in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $56.50.

In related news, insider David D. Smith acquired 395,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was purchased at an average cost of $55.10 per share, for a total transaction of $21,764,500.00. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 32.30% of the company’s stock.

About Sinclair Broadcast Group

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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Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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