Sinclair (NASDAQ:SBGI) Hits New 1-Year High After Dividend Announcement

Sinclair, Inc. (NASDAQ:SBGI)’s share price hit a new 52-week high during trading on Monday following a dividend announcement from the company. The stock traded as high as $18.21 and last traded at $18.21, with a volume of 289650 shares. The stock had previously closed at $17.29.

The newly announced dividend which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 5.52%. The ex-dividend date is Monday, December 2nd. Sinclair’s dividend payout ratio (DPR) is presently -30.30%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Guggenheim increased their target price on shares of Sinclair from $18.00 to $19.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Rosenblatt Securities lifted their target price on Sinclair from $16.40 to $16.50 and gave the company a “neutral” rating in a research note on Friday, September 20th. Benchmark upped their target price on Sinclair from $29.00 to $30.00 and gave the company a “buy” rating in a report on Monday, September 23rd. StockNews.com raised Sinclair from a “sell” rating to a “hold” rating in a report on Saturday, September 28th. Finally, JPMorgan Chase & Co. upped their price objective on Sinclair from $14.00 to $16.00 and gave the stock an “underweight” rating in a research note on Tuesday, November 12th. One equities research analyst has 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, Sinclair has a consensus rating of “Hold” and an average price target of $20.10.

Sinclair Stock Performance

The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of -5.49, a P/E/G ratio of 0.15 and a beta of 1.53. The company has a 50-day moving average price of $16.37 and a 200-day moving average price of $14.47. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 11.73.

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

Hedge Funds Weigh In On Sinclair

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC lifted its stake in shares of Sinclair by 378.1% in the 3rd quarter. Barclays PLC now owns 54,229 shares of the company’s stock worth $831,000 after acquiring an additional 42,887 shares during the period. Geode Capital Management LLC raised its holdings in Sinclair by 1.9% during the third quarter. Geode Capital Management LLC now owns 826,949 shares of the company’s stock worth $12,655,000 after purchasing an additional 15,263 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Sinclair in the third quarter worth approximately $91,000. Point72 Asset Management L.P. bought a new position in Sinclair during the 3rd quarter valued at $2,110,000. Finally, Parallax Volatility Advisers L.P. increased its position in shares of Sinclair by 38.9% during the 3rd quarter. Parallax Volatility Advisers L.P. now owns 52,472 shares of the company’s stock valued at $803,000 after purchasing an additional 14,683 shares during the period. Institutional investors own 41.71% of the company’s stock.

About Sinclair

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.