Sinclair Broadcast Group, Inc. (SBGI) Announces Quarterly Earnings Results
Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) issued its quarterly earnings results on Wednesday. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.13), Briefing.com reports. Sinclair Broadcast Group had a return on equity of 32.06% and a net margin of 9.70%. The company had revenue of $670.90 million for the quarter, compared to analysts’ expectations of $671.42 million. During the same quarter last year, the company earned $0.54 EPS. Sinclair Broadcast Group’s revenue for the quarter was down 3.3% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $0.72 dividend on an annualized basis and a yield of 2.27%. Sinclair Broadcast Group’s dividend payout ratio is presently 24.83%.
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In other news, Director Howard E. Friedman sold 1,010 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $31.98, for a total transaction of $32,299.80. Following the completion of the transaction, the director now directly owns 10,990 shares of the company’s stock, valued at $351,460.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.20% of the stock is owned by insiders.
Several equities research analysts have weighed in on SBGI shares. Deutsche Bank AG started coverage on Sinclair Broadcast Group in a report on Friday, October 20th. They set a “buy” rating and a $46.00 price target on the stock. Zacks Investment Research upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Wednesday, October 4th. Royal Bank Of Canada reiterated a “buy” rating and issued a $45.00 price objective on shares of Sinclair Broadcast Group in a report on Wednesday, July 5th. ValuEngine downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a report on Monday, September 11th. Finally, Benchmark Co. increased their price objective on Sinclair Broadcast Group from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Eleven analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and an average price target of $44.80.
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.
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