Great Lakes Advisors LLC Cuts Position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

Great Lakes Advisors LLC lessened its holdings in Sinclair Broadcast Group, Inc. (NASDAQ:SBGIGet Rating) by 17.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 221,260 shares of the company’s stock after selling 48,203 shares during the quarter. Great Lakes Advisors LLC owned about 0.31% of Sinclair Broadcast Group worth $6,200,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC lifted its stake in shares of Sinclair Broadcast Group by 44.8% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,940 shares of the company’s stock worth $51,000 after buying an additional 600 shares in the last quarter. Counterpoint Mutual Funds LLC bought a new position in shares of Sinclair Broadcast Group in the first quarter worth approximately $89,000. Cornerstone Advisory LLC bought a new position in shares of Sinclair Broadcast Group in the fourth quarter worth approximately $87,000. Allspring Global Investments Holdings LLC bought a new position in shares of Sinclair Broadcast Group in the fourth quarter worth approximately $114,000. Finally, Maverick Capital Ltd. bought a new position in shares of Sinclair Broadcast Group in the fourth quarter worth approximately $143,000.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SBGI. TheStreet upgraded shares of Sinclair Broadcast Group from a “d+” rating to a “c” rating in a research note on Wednesday, June 1st. Rosenblatt Securities assumed coverage on shares of Sinclair Broadcast Group in a research report on Tuesday, April 19th. They set a “neutral” rating and a $21.00 price objective on the stock. Wells Fargo & Company upgraded shares of Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $30.00 to $33.00 in a research report on Thursday, May 5th. StockNews.com downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Sinclair Broadcast Group from $31.00 to $28.00 in a report on Monday, May 23rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Sinclair Broadcast Group currently has an average rating of “Hold” and an average target price of $29.00.

Sinclair Broadcast Group Stock Down 1.1 %

Shares of SBGI stock opened at $22.98 on Friday. Sinclair Broadcast Group, Inc. has a 12 month low of $18.89 and a 12 month high of $33.62. The stock has a market cap of $1.65 billion, a P/E ratio of 0.67 and a beta of 1.32. The company has a current ratio of 2.43, a quick ratio of 2.43 and a debt-to-equity ratio of 6.20. The company has a 50 day simple moving average of $21.64 and a two-hundred day simple moving average of $24.56.

Sinclair Broadcast Group (NASDAQ:SBGIGet Rating) last posted its earnings results on Wednesday, August 3rd. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($3.35) by $3.18. The company had revenue of $837.00 million for the quarter, compared to analysts’ expectations of $839.76 million. The business’s revenue was down 48.1% on a year-over-year basis. During the same period in the previous year, the business posted ($4.03) earnings per share. On average, research analysts expect that Sinclair Broadcast Group, Inc. will post 3.12 earnings per share for the current year.

Sinclair Broadcast Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $1.00 annualized dividend and a yield of 4.35%. Sinclair Broadcast Group’s payout ratio is 2.92%.

About Sinclair Broadcast Group

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Sinclair Broadcast Group, Inc operates as a media company in the United States. The company operates in two segments, Broadcast and Local Sports. The Broadcast segment 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 programming to television viewing audiences in the communities through its local television stations.

Further Reading

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

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