Sinclair (NASDAQ:SBGI) Reaches New 1-Year High Following Dividend Announcement

Sinclair, Inc. (NASDAQ:SBGI)’s share price reached a new 52-week high on Monday after the company announced a dividend. The company traded as high as $18.21 and last traded at $18.21, with a volume of 289650 shares changing hands. The stock had previously closed at $17.29.

The newly announced dividend which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 5.54%. The ex-dividend date is Monday, December 2nd. Sinclair’s payout ratio is -30.30%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SBGI. Wells Fargo & Company upgraded shares of Sinclair from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $13.00 to $19.00 in a report on Thursday, November 7th. Rosenblatt Securities increased their target price on Sinclair from $16.40 to $16.50 and gave the stock a “neutral” rating in a research report on Friday, September 20th. StockNews.com upgraded Sinclair from a “sell” rating to a “hold” rating in a research report on Saturday, September 28th. Guggenheim increased their price objective on Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Finally, Benchmark raised their price objective on Sinclair from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Sinclair has an average rating of “Hold” and a consensus target price of $20.10.

Sinclair Stock Up 4.4 %

The company has a debt-to-equity ratio of 11.73, a current ratio of 1.91 and a quick ratio of 1.91. The stock has a 50 day simple moving average of $16.29 and a 200-day simple moving average of $14.45. The firm has a market cap of $1.20 billion, a PE ratio of -5.47, a PEG ratio of 0.15 and a beta of 1.53.

Sinclair (NASDAQ:SBGI) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.54. Sinclair had a positive return on equity of 63.89% and a negative net margin of 6.14%. The firm had revenue of $917.00 million during the quarter, compared to analyst estimates of $923.02 million. During the same quarter in the previous year, the firm earned ($0.30) EPS. Sinclair’s quarterly revenue was up 19.6% compared to the same quarter last year. Sell-side analysts predict that Sinclair, Inc. will post 4.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Sinclair by 52.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 114,864 shares of the company’s stock worth $1,549,000 after buying an additional 39,624 shares during the last quarter. Caxton Associates LP bought a new stake in shares of Sinclair during the 1st quarter valued at about $213,000. Prospect Financial Services LLC grew its stake in shares of Sinclair by 7.7% during the 2nd quarter. Prospect Financial Services LLC now owns 28,000 shares of the company’s stock valued at $373,000 after purchasing an additional 2,000 shares during the period. ARS Investment Partners LLC purchased a new stake in shares of Sinclair during the 2nd quarter valued at about $309,000. Finally, Williams Financial LLC bought a new position in shares of Sinclair in the 2nd quarter worth approximately $217,000. 41.71% of the stock is owned by institutional investors.

Sinclair Company Profile

Sinclair, Inc, a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free-over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs.