Hexavest Inc. purchased a new position in Sinclair Broadcast Group Inc (NASDAQ:SBGI) during the third quarter, HoldingsChannel reports. The fund purchased 4,480 shares of the company’s stock, valued at approximately $191,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of SBGI. Commonwealth Equity Services LLC raised its holdings in shares of Sinclair Broadcast Group by 3.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 7,880 shares of the company’s stock worth $422,000 after acquiring an additional 275 shares in the last quarter. Advisors Preferred LLC purchased a new stake in shares of Sinclair Broadcast Group during the 2nd quarter worth approximately $37,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Sinclair Broadcast Group during the 2nd quarter worth approximately $39,000. Meeder Asset Management Inc. raised its holdings in shares of Sinclair Broadcast Group by 766.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,300 shares of the company’s stock worth $70,000 after acquiring an additional 1,150 shares in the last quarter. Finally, Sun Life Financial INC purchased a new stake in shares of Sinclair Broadcast Group during the 2nd quarter worth approximately $72,000. 64.79% of the stock is currently owned by institutional investors.
Shares of SBGI stock opened at $41.05 on Friday. Sinclair Broadcast Group Inc has a twelve month low of $25.14 and a twelve month high of $66.57. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 12.25 and a beta of 1.18. The stock has a fifty day simple moving average of $43.01 and a two-hundred day simple moving average of $48.64. The company has a current ratio of 3.11, a quick ratio of 3.11 and a debt-to-equity ratio of 2.59.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend was Thursday, August 29th. Sinclair Broadcast Group’s dividend payout ratio (DPR) is currently 23.88%.
SBGI has been the topic of several recent research reports. ValuEngine cut Sinclair Broadcast Group from a “sell” rating to a “strong sell” rating in a report on Wednesday. B. Riley cut their price objective on Sinclair Broadcast Group from $70.00 to $61.00 and set a “buy” rating on the stock in a research report on Wednesday, August 14th. Wells Fargo & Co initiated coverage on Sinclair Broadcast Group in a report on Tuesday, September 24th. They issued a “market perform” rating and a $48.00 target price for the company. Stephens set a $80.00 target price on Sinclair Broadcast Group and gave the stock a “buy” rating in a report on Wednesday, August 21st. Finally, Evercore ISI set a $50.00 target price on Sinclair Broadcast Group and gave the stock a “hold” rating in a report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. Sinclair Broadcast Group presently has an average rating of “Hold” and an average price target of $56.50.
Sinclair Broadcast Group Company Profile
Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, sales, and other non-programming operating services to television stations. The company 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 internally originated programming to television viewing audiences in the communities through its local television stations.
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