Sinclair, Inc. (NASDAQ:SBGI – Get Free Report)’s stock price rose 7.9% on Friday following a dividend announcement from the company. The stock traded as high as $14.12 and last traded at $14.01. Approximately 230,257 shares traded hands during trading, a decline of 69% from the average daily volume of 743,363 shares. The stock had previously closed at $12.98.The newly announced dividend which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.00 annualized dividend and a dividend yield of 7.04%. Sinclair’s dividend payout ratio (DPR) is presently 42.19%.
Wall Street Analyst Weigh In
Several brokerages have weighed in on SBGI. StockNews.com began coverage on Sinclair in a research report on Friday. They set a “hold” rating on the stock. TheStreet lowered Sinclair from a “b-” rating to a “c” rating in a research report on Monday, June 5th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Sinclair from $22.00 to $18.00 in a research note on Tuesday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $24.17.
Sinclair Trading Up 9.4 %
The business has a fifty day moving average price of $14.12 and a two-hundred day moving average price of $16.40. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 5.08. The firm has a market capitalization of $895.17 million, a PE ratio of 5.99 and a beta of 1.41.
Sinclair (NASDAQ:SBGI – Get Free Report) last posted its earnings results on Wednesday, May 3rd. The company reported $2.71 EPS for the quarter, beating analysts’ consensus estimates of ($0.59) by $3.30. Sinclair had a net margin of 5.14% and a return on equity of 28.80%. The company had revenue of $773.00 million for the quarter, compared to analysts’ expectations of $776.73 million. Analysts expect that Sinclair, Inc. will post 2.75 EPS for the current fiscal year.
Institutional Trading of Sinclair
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SBGI. Cora Capital Advisors LLC purchased a new stake in shares of Sinclair in the 4th quarter valued at $176,000. Cornercap Investment Counsel Inc. increased its stake in Sinclair by 46.5% during the fourth quarter. Cornercap Investment Counsel Inc. now owns 58,949 shares of the company’s stock worth $914,000 after purchasing an additional 18,714 shares during the period. Strs Ohio lifted its position in shares of Sinclair by 14.1% during the fourth quarter. Strs Ohio now owns 38,800 shares of the company’s stock worth $601,000 after purchasing an additional 4,800 shares in the last quarter. Beacon Investment Advisors LLC purchased a new position in shares of Sinclair in the fourth quarter valued at approximately $921,000. Finally, ETF Managers Group LLC acquired a new position in shares of Sinclair in the first quarter valued at approximately $333,000. Hedge funds and other institutional investors own 51.14% of the company’s stock.
About Sinclair
Sinclair, Inc, a media company, focuses on providing content on local television stations and digital platforms. The company distributes its content through broadcast platforms and third-party platforms that consist of programming provided by third-party networks and syndicators, local news, other original programming, and college sports.