Sinclair Broadcast Group (NASDAQ:SBGI) Earns Hold Rating from Analysts at StockNews.com

StockNews.com began coverage on shares of Sinclair Broadcast Group (NASDAQ:SBGI – Get Rating) in a report released on Thursday. The brokerage issued a hold rating on the stock.

SBGI has been the subject of several other reports. Wells Fargo & Company lowered their target price on Sinclair Broadcast Group from $16.00 to $15.00 and set an underweight rating for the company in a report on Wednesday, February 22nd. Rosenblatt Securities lowered their target price on Sinclair Broadcast Group from $18.00 to $16.00 and set a neutral rating for the company in a report on Thursday, February 23rd. Benchmark reaffirmed a buy rating and set a $30.00 target price on shares of Sinclair Broadcast Group in a report on Tuesday, February 21st. Finally, JPMorgan Chase & Co. lowered Sinclair Broadcast Group from a neutral rating to an underweight rating and lowered their target price for the company from $25.00 to $16.00 in a report on Thursday, December 8th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $25.83.

Sinclair Broadcast Group Stock Down 10.9 %

Shares of Sinclair Broadcast Group stock opened at $12.65 on Thursday. The company has a quick ratio of 2.77, a current ratio of 2.77 and a debt-to-equity ratio of 6.21. The firm has a market cap of $879.71 million, a P/E ratio of 0.35 and a beta of 1.42. Sinclair Broadcast Group has a fifty-two week low of $12.64 and a fifty-two week high of $28.51. The business has a 50-day moving average price of $18.01 and a 200 day moving average price of $18.34.

Sinclair Broadcast Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 17th. Shareholders of record on Friday, March 3rd were given a $0.25 dividend. The ex-dividend date was Thursday, March 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 7.91%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 2.75%.

Institutional Investors Weigh In On Sinclair Broadcast Group

Institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new stake in Sinclair Broadcast Group in the third quarter worth approximately $203,000. ClariVest Asset Management LLC acquired a new stake in Sinclair Broadcast Group in the second quarter worth approximately $3,175,000. Grant GrossMendelsohn LLC increased its holdings in shares of Sinclair Broadcast Group by 5.5% in the fourth quarter. Grant GrossMendelsohn LLC now owns 41,928 shares of the company’s stock valued at $721,000 after buying an additional 2,195 shares in the last quarter. Edgestream Partners L.P. increased its holdings in shares of Sinclair Broadcast Group by 32.3% in the second quarter. Edgestream Partners L.P. now owns 90,280 shares of the company’s stock valued at $1,842,000 after buying an additional 22,060 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its holdings in shares of Sinclair Broadcast Group by 3.1% in the second quarter. Gamco Investors INC. ET AL now owns 2,535,830 shares of the company’s stock valued at $51,731,000 after buying an additional 77,418 shares in the last quarter. 51.14% of the stock is currently owned by institutional investors and hedge funds.

About Sinclair Broadcast Group

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Sinclair Broadcast Group, Inc is a media company engaged in the provision of local sports and news. It operates through the following segments: Broadcast, Local Sports, and Others. The Broadcast segment consists of television stations which offer programming and operating services, and sales and other non-programming operating services.