Sinclair Broadcast Group, Inc. (SBGI) Stake Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 1.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,883,606 shares of the company’s stock after acquiring an additional 132,422 shares during the quarter. Bank of New York Mellon Corp owned about 7.68% of Sinclair Broadcast Group worth $252,669,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in SBGI. Vanguard Group Inc. grew its holdings in shares of Sinclair Broadcast Group by 8.5% in the second quarter. Vanguard Group Inc. now owns 6,620,686 shares of the company’s stock worth $217,820,000 after purchasing an additional 520,001 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Sinclair Broadcast Group by 15.0% in the third quarter. Principal Financial Group Inc. now owns 4,729,416 shares of the company’s stock worth $151,576,000 after purchasing an additional 616,122 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Sinclair Broadcast Group by 17.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,938,276 shares of the company’s stock worth $63,772,000 after purchasing an additional 284,237 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Sinclair Broadcast Group by 10.5% in the second quarter. Renaissance Technologies LLC now owns 1,515,177 shares of the company’s stock worth $49,849,000 after purchasing an additional 143,606 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Sinclair Broadcast Group by 10.8% in the second quarter. State Street Corp now owns 1,458,278 shares of the company’s stock worth $47,971,000 after purchasing an additional 141,870 shares during the last quarter. 83.93% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages have issued reports on SBGI. ValuEngine cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Monday, September 11th. FBR & Co began coverage on shares of Sinclair Broadcast Group in a report on Tuesday, October 31st. They set a “buy” rating and a $43.00 target price on the stock. Deutsche Bank AG began coverage on shares of Sinclair Broadcast Group in a report on Friday, October 20th. They set a “buy” rating and a $46.00 target price on the stock. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $36.00 target price on the stock in a report on Saturday, August 5th. Finally, Benchmark Co. increased their target price on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $44.82.

In related news, Director Howard E. Friedman sold 1,010 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $31.98, for a total value of $32,299.80. Following the completion of the transaction, the director now directly owns 10,990 shares of the company’s stock, valued at approximately $351,460.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 28.20% of the company’s stock.

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Sinclair Broadcast Group, Inc. (NASDAQ SBGI) opened at $33.05 on Friday. The company has a market cap of $3,361.18, a P/E ratio of 13.95, a P/E/G ratio of 8.26 and a beta of 1.92. The company has a debt-to-equity ratio of 3.51, a current ratio of 1.74 and a quick ratio of 1.74. Sinclair Broadcast Group, Inc. has a 1 year low of $26.70 and a 1 year high of $43.05.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13). The company had revenue of $670.90 million during the quarter, compared to analysts’ expectations of $671.42 million. Sinclair Broadcast Group had a net margin of 9.06% and a return on equity of 23.27%. The business’s revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share. research analysts anticipate that Sinclair Broadcast Group, Inc. will post 2 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Thursday, November 30th. Sinclair Broadcast Group’s payout ratio is currently 27.07%.

Sinclair Broadcast Group Profile

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company’s segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.

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

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