Great Lakes Advisors LLC Decreases Stock Holdings in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

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

Other hedge funds have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC increased its position 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 valued at $51,000 after acquiring an additional 600 shares during the period. Counterpoint Mutual Funds LLC purchased a new position in shares of Sinclair Broadcast Group in the first quarter valued at about $89,000. Cornerstone Advisory LLC purchased a new position in shares of Sinclair Broadcast Group during the fourth quarter valued at about $87,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Sinclair Broadcast Group during the fourth quarter valued at about $114,000. Finally, Maverick Capital Ltd. purchased a new position in shares of Sinclair Broadcast Group during the fourth quarter valued at about $143,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SBGI shares. Wells Fargo & Company upgraded shares of Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $30.00 to $33.00 in a research report on Thursday, May 5th. Rosenblatt Securities started 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 target on the stock. StockNews.com cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Thursday. TheStreet upgraded shares of Sinclair Broadcast Group from a “d+” rating to a “c” rating in a research report on Wednesday, June 1st. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Sinclair Broadcast Group from $31.00 to $28.00 in a report on Monday, May 23rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Sinclair Broadcast Group currently has a consensus rating of “Hold” and an average price target of $29.00.

Sinclair Broadcast Group Price Performance

Shares of SBGI opened at $22.98 on Friday. The stock has a market cap of $1.65 billion, a PE ratio of 0.67 and a beta of 1.32. The company has a debt-to-equity ratio of 6.20, a quick ratio of 2.43 and a current ratio of 2.43. Sinclair Broadcast Group, Inc. has a fifty-two week low of $18.89 and a fifty-two week high of $33.62. The firm’s 50-day simple moving average is $21.64 and its two-hundred day simple moving average is $24.56.

Sinclair Broadcast Group (NASDAQ:SBGIGet Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.35) by $3.18. The business had revenue of $837.00 million during the quarter, compared to analysts’ expectations of $839.76 million. Sinclair Broadcast Group’s revenue for the quarter was down 48.1% compared to the same quarter last year. During the same quarter last year, the company posted ($4.03) EPS. Analysts anticipate that Sinclair Broadcast Group, Inc. will post 3.12 earnings per share for the current fiscal year.

Sinclair Broadcast Group Announces Dividend

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

Sinclair Broadcast Group Profile

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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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