Sinclair Broadcast Group Inc (SBGI) Declares Quarterly Dividend of $0.20

Sinclair Broadcast Group Inc (NASDAQ:SBGI) announced a quarterly dividend on Thursday, November 8th, Wall Street Journal reports. Shareholders of record on Friday, November 30th will be paid a dividend of 0.20 per share on Monday, December 17th. This represents a $0.80 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend is Thursday, November 29th. This is a positive change from Sinclair Broadcast Group’s previous quarterly dividend of $0.18.

Sinclair Broadcast Group has increased its dividend by an average of 4.6% annually over the last three years and has raised its dividend every year for the last 6 years. Sinclair Broadcast Group has a dividend payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Sinclair Broadcast Group to earn $2.37 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 33.8%.

Shares of SBGI opened at $30.58 on Friday. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 10.08 and a beta of 1.28. 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 fifty-two week low of $25.13 and a fifty-two week high of $40.15.

Sinclair Broadcast Group (NASDAQ:SBGI) last announced 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 company had revenue of $766.30 million for the quarter, compared to the consensus estimate of $752.56 million. Sinclair Broadcast Group had a return on equity of 19.79% and a net margin of 19.98%. The firm’s revenue for the quarter was up 18.9% compared to the same quarter last year. During the same period last year, the firm earned $0.30 EPS. On average, analysts expect that Sinclair Broadcast Group will post 2.82 EPS for the current year.

A number of equities research analysts have recently commented on SBGI shares. ValuEngine upgraded Sinclair Broadcast Group from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 15th. Stephens set a $35.00 target price on Sinclair Broadcast Group and gave the company a “buy” rating in a research report on Thursday, August 9th. TheStreet cut Sinclair Broadcast Group from a “b-” rating to a “c+” rating in a research report on Monday, August 6th. Evercore ISI started coverage on Sinclair Broadcast Group in a research report on Tuesday, July 31st. They set an “in-line” rating and a $34.00 target price on the stock. Finally, BidaskClub cut Sinclair Broadcast Group from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $38.60.

In other news, Director Lawrence E. Mccanna sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $31.68, for a total transaction of $158,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 29.24% of the stock is owned by company insiders.

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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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Dividend History for Sinclair Broadcast Group (NASDAQ:SBGI)

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