Jefferies Financial Group Comments on Sinclair Broadcast Group Inc’s FY2018 Earnings (SBGI)

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Sinclair Broadcast Group Inc (NASDAQ:SBGI) – Jefferies Financial Group upped their FY2018 earnings per share (EPS) estimates for shares of Sinclair Broadcast Group in a research report issued on Wednesday, November 7th. Jefferies Financial Group analyst J. Janedis now anticipates that the company will post earnings per share of $2.98 for the year, up from their previous forecast of $2.56. Jefferies Financial Group also issued estimates for Sinclair Broadcast Group’s Q4 2018 earnings at $1.70 EPS, Q4 2019 earnings at $1.06 EPS, Q1 2020 earnings at $0.69 EPS, Q3 2020 earnings at $1.17 EPS and FY2020 earnings at $4.87 EPS.

Sinclair Broadcast Group (NASDAQ:SBGI) last issued its quarterly earnings results on Wednesday, November 7th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.06. The business had revenue of $766.30 million during the quarter, compared to the consensus estimate of $752.56 million. Sinclair Broadcast Group had a return on equity of 19.86% and a net margin of 19.98%. The company’s quarterly revenue was up 18.9% on a year-over-year basis. During the same quarter last year, the company earned $0.30 earnings per share.

A number of other research firms also recently commented on SBGI. Wells Fargo & Co decreased their target price on Sinclair Broadcast Group from $50.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, July 18th. BidaskClub downgraded Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Thursday, July 19th. Evercore ISI started coverage on Sinclair Broadcast Group in a report on Tuesday, July 31st. They set an “in-line” rating and a $34.00 target price for the company. Zacks Investment Research downgraded Sinclair Broadcast Group from a “hold” rating to a “sell” rating in a report on Saturday, August 11th. Finally, B. Riley downgraded Sinclair Broadcast Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $36.00 to $33.00 in a report on Thursday, September 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. Sinclair Broadcast Group presently has a consensus rating of “Buy” and an average target price of $39.00.

Sinclair Broadcast Group stock opened at $31.28 on Monday. The company has a debt-to-equity ratio of 2.44, a current ratio of 2.96 and a quick ratio of 2.96. Sinclair Broadcast Group has a 52 week low of $25.13 and a 52 week high of $40.15. The stock has a market cap of $3.21 billion, a P/E ratio of 11.17 and a beta of 1.28.

Several institutional investors have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board raised its position in Sinclair Broadcast Group by 4,087.0% during the third quarter. Canada Pension Plan Investment Board now owns 418,700 shares of the company’s stock valued at $11,870,000 after acquiring an additional 408,700 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its position in Sinclair Broadcast Group by 9.3% during the third quarter. Massmutual Trust Co. FSB ADV now owns 21,021 shares of the company’s stock valued at $596,000 after acquiring an additional 1,796 shares in the last quarter. BlackRock Inc. raised its position in Sinclair Broadcast Group by 1.2% during the third quarter. BlackRock Inc. now owns 5,107,619 shares of the company’s stock valued at $144,800,000 after acquiring an additional 62,065 shares in the last quarter. Martingale Asset Management L P purchased a new position in Sinclair Broadcast Group during the third quarter valued at approximately $1,104,000. Finally, PNC Financial Services Group Inc. raised its position in Sinclair Broadcast Group by 114.4% during the third quarter. PNC Financial Services Group Inc. now owns 7,419 shares of the company’s stock valued at $211,000 after acquiring an additional 3,959 shares in the last quarter. 77.24% of the stock is owned by hedge funds and other institutional investors.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Friday, November 30th will be issued a dividend of $0.20 per share. This is an increase from Sinclair Broadcast Group’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, November 29th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.56%. Sinclair Broadcast Group’s payout ratio is 25.71%.

Sinclair Broadcast Group Company Profile

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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Earnings History and Estimates for Sinclair Broadcast Group (NASDAQ:SBGI)

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