State Board of Administration of Florida Retirement System Acquires 1,250 Shares of Sinclair Broadcast Group, Inc. (SBGI)

State Board of Administration of Florida Retirement System increased its position in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 2.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,930 shares of the company’s stock after purchasing an additional 1,250 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Sinclair Broadcast Group were worth $1,577,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. Alps Advisors Inc. boosted its stake in shares of Sinclair Broadcast Group by 0.3% in the second quarter. Alps Advisors Inc. now owns 11,636 shares of the company’s stock valued at $383,000 after purchasing an additional 30 shares during the period. Kissinger Financial Services LLC boosted its stake in shares of Sinclair Broadcast Group by 0.5% in the second quarter. Kissinger Financial Services LLC now owns 8,742 shares of the company’s stock valued at $287,000 after purchasing an additional 45 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Sinclair Broadcast Group by 2.7% in the second quarter. Teacher Retirement System of Texas now owns 6,141 shares of the company’s stock valued at $202,000 after purchasing an additional 164 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of 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 purchasing an additional 278 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in shares of Sinclair Broadcast Group by 2.9% in the first quarter. Stratos Wealth Partners LTD. now owns 10,552 shares of the company’s stock valued at $427,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 83.10% of the company’s stock.

Several research analysts have recently weighed in on SBGI shares. Royal Bank Of Canada restated a “buy” rating and issued a $45.00 target price on shares of Sinclair Broadcast Group in a research note on Wednesday, July 5th. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. ValuEngine downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Monday, September 11th. Benchmark Co. increased their price objective on shares of Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Finally, Stephens set a $46.00 price objective on shares of Sinclair Broadcast Group and gave the company a “buy” rating in a research note on Saturday, June 3rd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $43.50.

Sinclair Broadcast Group, Inc. (SBGI) opened at 27.90 on Friday. Sinclair Broadcast Group, Inc. has a 52-week low of $24.15 and a 52-week high of $43.05. The company has a market capitalization of $2.87 billion, a P/E ratio of 9.78 and a beta of 1.80. The stock has a 50 day moving average of $30.57 and a 200-day moving average of $35.16.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its earnings results on Wednesday, August 2nd. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.43. Sinclair Broadcast Group had a net margin of 9.70% and a return on equity of 32.06%. The business had revenue of $679.30 million for the quarter, compared to analyst estimates of $678.23 million. During the same quarter in the previous year, the firm posted $0.52 earnings per share. Sinclair Broadcast Group’s revenue was up 2.1% compared to the same quarter last year. On average, equities analysts forecast that Sinclair Broadcast Group, Inc. will post $2.01 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Friday, September 1st were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.58%. Sinclair Broadcast Group’s dividend payout ratio is currently 24.83%.

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Sinclair Broadcast Group Company Profile

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’s 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.

Institutional Ownership by Quarter for Sinclair Broadcast Group (NASDAQ:SBGI)

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