Sinclair Broadcast Group’s (SBGI) Buy Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their buy rating on shares of Sinclair Broadcast Group (NASDAQ:SBGI) in a research note issued to investors on Thursday morning. They currently have a $48.00 price target on the stock.

Several other equities research analysts have also commented on SBGI. BidaskClub lowered shares of Sinclair Broadcast Group from a strong-buy rating to a buy rating in a research report on Thursday. ValuEngine upgraded shares of Sinclair Broadcast Group from a hold rating to a buy rating in a research report on Monday, October 2nd. Wells Fargo & Co reiterated an outperform rating and issued a $55.00 price objective on shares of Sinclair Broadcast Group in a research report on Monday, October 2nd. Zacks Investment Research upgraded shares of Sinclair Broadcast Group from a hold rating to a buy rating and set a $34.00 price objective on the stock in a research report on Wednesday, October 4th. Finally, Jefferies Group initiated coverage on shares of Sinclair Broadcast Group in a research report on Thursday, December 14th. They issued a buy rating and a $48.00 price objective on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $45.42.

Shares of Sinclair Broadcast Group (NASDAQ SBGI) traded down $0.65 during midday trading on Thursday, hitting $35.35. 1,809,300 shares of the company’s stock traded hands, compared to its average volume of 1,698,500. The stock has a market cap of $3,570.00, a price-to-earnings ratio of 13.29, a P/E/G ratio of 2.01 and a beta of 1.93. Sinclair Broadcast Group has a 52 week low of $26.70 and a 52 week high of $43.05. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 3.51.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its earnings results on Wednesday, November 1st. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.13). The company had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $671.42 million. Sinclair Broadcast Group had a return on equity of 23.27% and a net margin of 9.06%. Sinclair Broadcast Group’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 earnings per share. equities research analysts forecast that Sinclair Broadcast Group will post 1.98 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were issued a $0.18 dividend. The ex-dividend date was Thursday, November 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.04%. Sinclair Broadcast Group’s dividend payout ratio (DPR) is 27.07%.

A number of large investors have recently added to or reduced their stakes in SBGI. Prudential Financial Inc. lifted its holdings in Sinclair Broadcast Group by 436.6% in the 3rd quarter. Prudential Financial Inc. now owns 1,154,448 shares of the company’s stock valued at $37,001,000 after purchasing an additional 939,289 shares in the last quarter. Royal Bank of Canada lifted its holdings in Sinclair Broadcast Group by 4,036.0% in the 2nd quarter. Royal Bank of Canada now owns 830,350 shares of the company’s stock valued at $27,317,000 after purchasing an additional 810,274 shares in the last quarter. Nordea Investment Management AB purchased a new position in Sinclair Broadcast Group in the 2nd quarter valued at about $26,002,000. Russell Investments Group Ltd. lifted its holdings in Sinclair Broadcast Group by 980.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 842,172 shares of the company’s stock valued at $26,992,000 after purchasing an additional 764,195 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Sinclair Broadcast Group by 15.0% in the 3rd quarter. Principal Financial Group Inc. now owns 4,729,416 shares of the company’s stock valued at $151,576,000 after purchasing an additional 616,122 shares in the last quarter. Institutional investors own 84.76% of the company’s stock.

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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’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.

Analyst Recommendations for Sinclair Broadcast Group (NASDAQ:SBGI)

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