Sinclair Broadcast Group (NASDAQ:SBGI) Announces Earnings Results

Sinclair Broadcast Group (NASDAQ:SBGIGet Rating) issued its earnings results on Wednesday. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($3.35) by $3.18, Briefing.com reports. The business had revenue of $837.00 million for the quarter, compared to the consensus estimate of $839.76 million. During the same period in the previous year, the firm earned ($4.03) EPS. The company’s revenue was down 48.1% compared to the same quarter last year. Sinclair Broadcast Group updated its Q3 2022 guidance to EPS.

Sinclair Broadcast Group Price Performance

SBGI traded down $0.25 during trading on Friday, reaching $22.98. The stock had a trading volume of 666,390 shares, compared to its average volume of 814,780. 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 has a one year low of $18.89 and a one year high of $33.62. The business has a 50-day moving average of $21.64 and a 200-day moving average of $24.56.

Sinclair Broadcast Group Dividend Announcement

The company 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 $0.25 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $1.00 dividend on an annualized basis and a yield of 4.35%. Sinclair Broadcast Group’s dividend payout ratio is presently 2.92%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Sinclair Broadcast Group by 2.7% in the first quarter. State Street Corp now owns 993,903 shares of the company’s stock valued at $27,849,000 after acquiring an additional 26,354 shares during the last quarter. Renaissance Technologies LLC boosted its position in Sinclair Broadcast Group by 359.7% during the first quarter. Renaissance Technologies LLC now owns 618,571 shares of the company’s stock valued at $17,332,000 after buying an additional 484,000 shares during the period. Dimensional Fund Advisors LP boosted its position in Sinclair Broadcast Group by 273.2% during the first quarter. Dimensional Fund Advisors LP now owns 314,516 shares of the company’s stock valued at $8,812,000 after buying an additional 230,233 shares during the period. Goldman Sachs Group Inc. boosted its position in Sinclair Broadcast Group by 153.3% during the first quarter. Goldman Sachs Group Inc. now owns 205,502 shares of the company’s stock valued at $5,758,000 after buying an additional 124,359 shares during the period. Finally, Invesco Ltd. boosted its position in Sinclair Broadcast Group by 13.1% during the first quarter. Invesco Ltd. now owns 163,711 shares of the company’s stock valued at $4,587,000 after buying an additional 19,022 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SBGI shares. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Sinclair Broadcast Group from $31.00 to $28.00 in a report on Monday, May 23rd. Wells Fargo & Company raised shares of Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $30.00 to $33.00 in a report on Thursday, May 5th. StockNews.com cut shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Thursday. Rosenblatt Securities initiated coverage on shares of Sinclair Broadcast Group in a report on Tuesday, April 19th. They issued a “neutral” rating and a $21.00 price target on the stock. Finally, TheStreet raised shares of Sinclair Broadcast Group from a “d+” rating to a “c” rating in a report on Wednesday, June 1st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $29.00.

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.

See Also

Earnings History for Sinclair Broadcast Group (NASDAQ:SBGI)

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