Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in Sinclair Broadcast Group, Inc. (NASDAQ:SBGIGet Rating) by 93.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,953 shares of the company’s stock after selling 247,646 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Sinclair Broadcast Group were worth $306,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. ClariVest Asset Management LLC acquired a new position in shares of Sinclair Broadcast Group in the second quarter worth $3,175,000. US Bancorp DE grew its stake in shares of Sinclair Broadcast Group by 40.6% in the second quarter. US Bancorp DE now owns 5,046 shares of the company’s stock worth $103,000 after acquiring an additional 1,458 shares in the last quarter. Edgestream Partners L.P. grew its stake in shares of Sinclair Broadcast Group by 32.3% in the second quarter. Edgestream Partners L.P. now owns 90,280 shares of the company’s stock worth $1,842,000 after acquiring an additional 22,060 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Sinclair Broadcast Group by 3.1% during the second quarter. Gamco Investors INC. ET AL now owns 2,535,830 shares of the company’s stock worth $51,731,000 after purchasing an additional 77,418 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Sinclair Broadcast Group by 4.1% during the second quarter. Robeco Institutional Asset Management B.V. now owns 25,889 shares of the company’s stock worth $528,000 after purchasing an additional 1,029 shares in the last quarter. Institutional investors and hedge funds own 51.14% of the company’s stock.

Sinclair Broadcast Group Price Performance

Shares of SBGI opened at $19.21 on Wednesday. The firm has a fifty day moving average price of $17.23 and a 200 day moving average price of $19.69. Sinclair Broadcast Group, Inc. has a 1-year low of $14.36 and a 1-year high of $31.04. The company has a debt-to-equity ratio of 6.60, a current ratio of 2.27 and a quick ratio of 2.27. The stock has a market cap of $1.34 billion, a PE ratio of 0.56 and a beta of 1.29.

Sinclair Broadcast Group (NASDAQ:SBGIGet Rating) last announced its earnings results on Wednesday, November 2nd. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.17. Sinclair Broadcast Group had a net margin of 56.44% and a negative return on equity of 35.47%. The business had revenue of $843.00 million during the quarter, compared to analysts’ expectations of $889.66 million. During the same period in the prior year, the company earned $0.51 earnings per share. The business’s revenue was down 45.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sinclair Broadcast Group, Inc. will post 36.81 EPS for the current year.

Sinclair Broadcast Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, November 30th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.21%. Sinclair Broadcast Group’s payout ratio is 2.91%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. EF Hutton Acquisition Co. I boosted their target price on shares of Sinclair Broadcast Group from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, October 5th. Rosenblatt Securities lowered their target price on shares of Sinclair Broadcast Group from $20.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, November 3rd. StockNews.com downgraded shares of Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research note on Monday, November 28th. JPMorgan Chase & Co. downgraded shares of Sinclair Broadcast Group from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $25.00 to $16.00 in a research note on Thursday, December 8th. Finally, Wells Fargo & Company cut shares of Sinclair Broadcast Group from an “overweight” rating to an “underweight” rating and reduced their price target for the company from $30.00 to $16.00 in a research report on Wednesday, November 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $27.00.

Sinclair Broadcast Group Profile

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

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