PNC Financial Services Group Inc. lowered its position in shares of Sinclair Broadcast Group Inc. (NASDAQ:SBGI) by 26.5% during the second quarter, Holdings Channel reports. The firm owned 4,763 shares of the company’s stock after selling 1,719 shares during the period. PNC Financial Services Group Inc.’s holdings in Sinclair Broadcast Group were worth $142,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Glenmede Trust Co. NA raised its stake in shares of Sinclair Broadcast Group by 5.5% in the second quarter. Glenmede Trust Co. NA now owns 1,190,014 shares of the company’s stock worth $35,532,000 after buying an additional 62,143 shares during the period. First Trust Advisors LP bought a new stake in shares of Sinclair Broadcast Group during the second quarter worth $1,866,000. GSA Capital Partners LLP raised its stake in shares of Sinclair Broadcast Group by 3.4% in the second quarter. GSA Capital Partners LLP now owns 20,534 shares of the company’s stock worth $613,000 after buying an additional 682 shares during the period. Hennessy Advisors Inc. raised its stake in shares of Sinclair Broadcast Group by 2.9% in the second quarter. Hennessy Advisors Inc. now owns 1,179,600 shares of the company’s stock worth $35,223,000 after buying an additional 33,800 shares during the period. Finally, Dana Investment Advisors Inc. raised its stake in shares of Sinclair Broadcast Group by 31.6% in the second quarter. Dana Investment Advisors Inc. now owns 70,098 shares of the company’s stock worth $2,093,000 after buying an additional 16,821 shares during the period. 69.55% of the stock is currently owned by hedge funds and other institutional investors.
Sinclair Broadcast Group Inc. (NASDAQ:SBGI) traded down 0.14% during midday trading on Friday, reaching $28.46. 818,624 shares of the company’s stock traded hands. Sinclair Broadcast Group Inc. has a 1-year low of $25.70 and a 1-year high of $35.89. The firm’s 50 day moving average price is $28.39 and its 200-day moving average price is $30.12. The company has a market capitalization of $2.69 billion, a PE ratio of 15.55 and a beta of 1.83.
Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.52 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.52. Sinclair Broadcast Group had a net margin of 7.28% and a return on equity of 34.76%. The business had revenue of $666.50 million for the quarter, compared to analyst estimates of $658.61 million. During the same period last year, the business earned $0.48 EPS. The company’s revenue was up 20.3% on a year-over-year basis. Equities analysts expect that Sinclair Broadcast Group Inc. will post $2.90 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a $0.18 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.53%. Sinclair Broadcast Group’s payout ratio is 39.34%.
A number of equities research analysts have recently weighed in on the stock. Wedbush dropped their price objective on shares of Sinclair Broadcast Group from $37.00 to $36.00 and set an “outperform” rating on the stock in a report on Tuesday, September 27th. Zacks Investment Research raised shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a report on Saturday, August 6th. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Sinclair Broadcast Group has a consensus rating of “Buy” and a consensus price target of $37.42.
In other news, Director Lawrence E. Mccanna sold 2,000 shares of the firm’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $28.63, for a total value of $57,260.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 29.70% of the stock is currently owned by insiders.
Sinclair Broadcast Group Company Profile
Sinclair Broadcast Group, Inc is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations.
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