Sinclair Broadcast Group Inc (SBGI) Expected to Post Earnings of $1.64 Per Share

Wall Street brokerages predict that Sinclair Broadcast Group Inc (NASDAQ:SBGI) will announce earnings per share (EPS) of $1.64 for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Sinclair Broadcast Group’s earnings, with estimates ranging from $1.01 to $1.99. Sinclair Broadcast Group reported earnings per share of $1.67 during the same quarter last year, which would suggest a negative year over year growth rate of 1.8%. The firm is scheduled to report its next quarterly earnings results on Wednesday, February 27th.

According to Zacks, analysts expect that Sinclair Broadcast Group will report full year earnings of $2.82 per share for the current financial year, with EPS estimates ranging from $2.11 to $3.28. For the next financial year, analysts forecast that the business will report earnings of $2.37 per share, with EPS estimates ranging from $1.75 to $3.13. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow Sinclair Broadcast Group.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, November 7th. The company reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.06. Sinclair Broadcast Group had a return on equity of 19.79% and a net margin of 19.98%. The firm had revenue of $766.30 million during the quarter, compared to analysts’ expectations of $752.56 million. During the same period in the previous year, the business earned $0.30 earnings per share. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis.

Several brokerages recently commented on SBGI. B. Riley boosted their price target on Sinclair Broadcast Group from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Thursday, November 8th. BidaskClub upgraded Sinclair Broadcast Group from a “hold” rating to a “buy” rating in a research report on Thursday, November 8th. ValuEngine upgraded Sinclair Broadcast Group from a “sell” rating to a “hold” rating in a research report on Tuesday, November 27th. Zacks Investment Research cut Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a research report on Wednesday, November 7th. Finally, Guggenheim initiated coverage on Sinclair Broadcast Group in a research report on Tuesday, October 16th. They set a “buy” rating and a $40.00 price target for the company. Four analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $38.60.

In other Sinclair Broadcast Group news, Director Lawrence E. Mccanna sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 14th. The stock was sold at an average price of $31.68, for a total value of $158,400.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 29.24% of the stock is owned by corporate insiders.

Large investors have recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Sinclair Broadcast Group in the 2nd quarter valued at $157,000. Exane Derivatives purchased a new stake in Sinclair Broadcast Group in the 3rd quarter valued at $159,000. Cerebellum GP LLC acquired a new position in shares of Sinclair Broadcast Group in the 3rd quarter valued at $193,000. PNC Financial Services Group Inc. lifted its stake in shares of Sinclair Broadcast Group by 114.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock valued at $211,000 after purchasing an additional 3,959 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Sinclair Broadcast Group in the 3rd quarter valued at $221,000. Institutional investors own 70.79% of the company’s stock.

Shares of SBGI traded up $0.21 during trading hours on Friday, hitting $31.45. 1,220,943 shares of the stock were exchanged, compared to its average volume of 1,225,061. The company has a debt-to-equity ratio of 2.43, a quick ratio of 2.98 and a current ratio of 2.98. Sinclair Broadcast Group has a 12-month low of $25.13 and a 12-month high of $40.15. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 11.23 and a beta of 1.28.

The business also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Friday, November 30th will be issued a $0.20 dividend. This is a boost from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 2.54%. The ex-dividend date is Thursday, November 29th. Sinclair Broadcast Group’s dividend payout ratio is presently 28.57%.

About Sinclair Broadcast Group

Sinclair Broadcast Group, Inc operates as a television broadcasting company in the United States. It owns or provides various programming, operating, or sales services to television stations. The company 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 internally originated programming to television viewing audiences in the communities through its local television stations.

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