Insider Selling: Sinclair Broadcast Group, Inc. (SBGI) Director Sells $69,500.00 in Stock

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Director Lawrence E. Mccanna sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $34.75, for a total value of $69,500.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) traded down 3.216% during trading on Tuesday, reaching $33.681. The company’s stock had a trading volume of 1,798,788 shares. The firm has a market cap of $3.46 billion, a PE ratio of 11.352 and a beta of 1.80. The stock’s 50 day moving average price is $34.62 and its 200-day moving average price is $36.13. Sinclair Broadcast Group, Inc. has a 12 month low of $24.15 and a 12 month high of $43.05.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, May 3rd. The company reported $0.32 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.03. Sinclair Broadcast Group had a net margin of 9.91% and a return on equity of 39.72%. The company had revenue of $649.90 million during the quarter, compared to analyst estimates of $646.94 million. During the same quarter last year, the business posted $0.25 EPS. Sinclair Broadcast Group’s quarterly revenue was up 12.3% compared to the same quarter last year. Equities analysts predict that Sinclair Broadcast Group, Inc. will post $2.04 EPS for the current year.

Insider Buying and Selling by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, May 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.07%. Sinclair Broadcast Group’s payout ratio is currently 24.08%.

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A number of brokerages have weighed in on SBGI. Zacks Investment Research raised Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Stephens set a $46.00 price target on Sinclair Broadcast Group and gave the stock a “buy” rating in a research report on Saturday, June 3rd. ValuEngine raised Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Tuesday, May 16th. Benchmark Co. boosted their price target on Sinclair Broadcast Group from $45.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. Finally, Wells Fargo & Co reissued a “buy” rating on shares of Sinclair Broadcast Group in a research report on Monday, March 6th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Sinclair Broadcast Group has a consensus rating of “Buy” and a consensus price target of $44.80.

Several large investors have recently modified their holdings of the company. Independent Portfolio Consultants Inc. raised its stake in shares of Sinclair Broadcast Group by 2.4% in the first quarter. Independent Portfolio Consultants Inc. now owns 2,575 shares of the company’s stock valued at $104,000 after buying an additional 60 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Sinclair Broadcast Group by 55.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,897 shares of the company’s stock valued at $117,000 after buying an additional 1,036 shares during the period. PNC Financial Services Group Inc. increased its position in Sinclair Broadcast Group by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,230 shares of the company’s stock valued at $131,000 after buying an additional 278 shares during the period. M&T Bank Corp acquired a new position in Sinclair Broadcast Group during the first quarter valued at approximately $213,000. Finally, New York State Teachers Retirement System acquired a new position in Sinclair Broadcast Group during the first quarter valued at approximately $235,000. Institutional investors own 71.82% of the company’s stock.

About Sinclair Broadcast Group

Sinclair Broadcast Group, Inc is a television broadcasting company. The Company focuses on providing content on its local television stations and digital platforms. The Company‚Äôs segments are broadcast, other and corporate. The Broadcast segment consists of its broadcast television stations. The content distributed through its broadcast platform consists of programming provided by third-party networks and syndicators, local news, it owns networks, and other original programming produced by it.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:SBGI”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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