Sinclair Broadcast Group, Inc. (NASDAQ:SBGI – Get Rating) declared a quarterly dividend on Thursday, August 4th, Wall Street Journal reports. Investors of record on Thursday, September 1st will be paid a dividend of 0.25 per share on Thursday, September 15th. This represents a $1.00 annualized dividend and a yield of 4.35%. The ex-dividend date is Wednesday, August 31st.
Sinclair Broadcast Group has a dividend payout ratio of 128.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Sinclair Broadcast Group to earn ($0.22) per share next year, which means the company may not be able to cover its $1.00 annual dividend with an expected future payout ratio of -454.5%.
Sinclair Broadcast Group Stock Performance
NASDAQ SBGI opened at $22.98 on Friday. 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 firm’s fifty day moving average price is $21.64 and its two-hundred day moving average price is $24.56. Sinclair Broadcast Group has a 1 year low of $18.89 and a 1 year high of $33.62. The firm has a market capitalization of $1.65 billion, a P/E ratio of 0.67 and a beta of 1.32.
Institutional Trading of Sinclair Broadcast Group
Several hedge funds have recently modified their holdings of SBGI. Renaissance Technologies LLC increased its stake in shares of Sinclair Broadcast Group by 359.7% in the 1st quarter. Renaissance Technologies LLC now owns 618,571 shares of the company’s stock valued at $17,332,000 after acquiring an additional 484,000 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Sinclair Broadcast Group by 273.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 314,516 shares of the company’s stock valued at $8,812,000 after acquiring an additional 230,233 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Sinclair Broadcast Group by 153.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 205,502 shares of the company’s stock valued at $5,758,000 after acquiring an additional 124,359 shares in the last quarter. BlackRock Inc. increased its stake in shares of Sinclair Broadcast Group by 1.0% in the 1st quarter. BlackRock Inc. now owns 3,945,312 shares of the company’s stock valued at $110,548,000 after acquiring an additional 38,631 shares in the last quarter. Finally, State Street Corp increased its stake in Sinclair Broadcast Group by 2.7% during the 1st quarter. State Street Corp now owns 993,903 shares of the company’s stock valued at $27,849,000 after purchasing an additional 26,354 shares in the last quarter.
Wall Street Analyst Weigh In
A number of brokerages have 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 began coverage on shares of Sinclair Broadcast Group in a research note on Tuesday, April 19th. They set a “neutral” rating and a $21.00 price objective on the stock. StockNews.com downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Thursday. Wells Fargo & Company upgraded shares of Sinclair Broadcast Group from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $30.00 to $33.00 in a research note on Thursday, May 5th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Sinclair Broadcast Group from $31.00 to $28.00 in a research note on Monday, May 23rd. 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 company currently has an average rating of “Hold” and a consensus target price of $29.00.
Sinclair Broadcast Group Company Profile
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.
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