JPMorgan Chase & Co. Cuts Stake in Sinclair Broadcast Group, Inc. (NASDAQ:SBGI)

JPMorgan Chase & Co. reduced its stake in shares of Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) by 6.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 702,640 shares of the company’s stock after selling 44,656 shares during the quarter. JPMorgan Chase & Co. owned about 0.93% of Sinclair Broadcast Group worth $23,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. The PNC Financial Services Group Inc. grew its holdings in Sinclair Broadcast Group by 125.1% during the 1st quarter. The PNC Financial Services Group Inc. now owns 916 shares of the company’s stock valued at $27,000 after buying an additional 509 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Sinclair Broadcast Group during the 1st quarter valued at approximately $31,000. Advisor Group Holdings Inc. boosted its position in shares of Sinclair Broadcast Group by 57.0% during the 2nd quarter. Advisor Group Holdings Inc. now owns 3,862 shares of the company’s stock valued at $128,000 after acquiring an additional 1,402 shares during the last quarter. Islay Capital Management LLC bought a new position in shares of Sinclair Broadcast Group during the 2nd quarter valued at approximately $130,000. Finally, Amundi Pioneer Asset Management Inc. bought a new position in shares of Sinclair Broadcast Group during the 1st quarter valued at approximately $200,000. 57.32% of the stock is owned by institutional investors and hedge funds.

In other news, Director Lawrence E. Mccanna sold 3,274 shares of the firm’s stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $30.17, for a total transaction of $98,776.58. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 37.70% of the company’s stock.

Shares of Sinclair Broadcast Group stock opened at $27.60 on Thursday. The firm has a market cap of $2.08 billion, a P/E ratio of -0.67 and a beta of 1.68. Sinclair Broadcast Group, Inc. has a 12 month low of $16.72 and a 12 month high of $39.60. The stock’s fifty day moving average price is $29.65 and its 200-day moving average price is $30.79.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced its quarterly earnings results on Tuesday, August 3rd. The company reported ($4.41) EPS for the quarter, missing the consensus estimate of ($4.23) by ($0.18). The firm had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Sinclair Broadcast Group had a negative net margin of 50.00% and a negative return on equity of 25.10%. The business’s quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.12 EPS. As a group, research analysts forecast that Sinclair Broadcast Group, Inc. will post -3.9 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 15th. Stockholders of record on Wednesday, September 1st were paid a dividend of $0.20 per share. The ex-dividend date was Tuesday, August 31st. This represents a $0.80 annualized dividend and a dividend yield of 2.90%. Sinclair Broadcast Group’s dividend payout ratio is currently 10.20%.

A number of research firms have recently commented on SBGI. Zacks Investment Research downgraded Sinclair Broadcast Group from a “buy” rating to a “hold” rating in a research report on Wednesday, September 22nd. Deutsche Bank Aktiengesellschaft increased their target price on Sinclair Broadcast Group from $30.00 to $34.00 and gave the company a “hold” rating in a research report on Friday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $33.00.

About Sinclair Broadcast Group

Sinclair Broadcast Group, Inc is a media company, which engages in the provision of local sports and news. It operates through the following segments: Broadcast, Local Sports, and Others. The Broadcast segment consists of television stations which offers programming and operating services, and sales and other non-programming operating services.

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

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