Gray Media Inc. $GTN Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 244,550 Gray Media shares in the second quarter, worth approximately $971,000 and representing about 0.24% of the company. Several other institutional investors also initiated positions, with institutional ownership reaching 78.64%.
• Gray Media reported stronger-than-expected quarterly results, posting $0.21 in EPS and $839 million in revenue; revenue increased 8.7% year over year.
• The company maintains a quarterly dividend of $0.08 per share, equivalent to a 7.1% annualized yield. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $7.88 versus the reported share price of $4.54.

Bank of America Corp DE acquired a new position in Gray Media Inc. (NYSE:GTN - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 244,550 shares of the company's stock, valued at approximately $971,000. Bank of America Corp DE owned about 0.24% of Gray Media as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of GTN. Gallagher Fiduciary Advisors LLC bought a new position in shares of Gray Media in the second quarter valued at approximately $264,000. Odyssean LLC purchased a new position in shares of Gray Media in the 2nd quarter worth about $206,000. Man Group plc bought a new position in Gray Media during the second quarter valued at about $1,236,000. Invst LLC bought a new position in Gray Media during the second quarter valued at about $2,338,000. Finally, Miller Value Partners LLC purchased a new stake in Gray Media during the second quarter worth about $28,756,000. Institutional investors own 78.64% of the company's stock.

Gray Media Trading Up 0.6%

Gray Media stock opened at $4.54 on Friday. The business has a 50-day simple moving average of $4.70 and a two-hundred day simple moving average of $4.53. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 2.73. Gray Media Inc. has a 52-week low of $3.55 and a 52-week high of $6.43. The company has a market cap of $467.03 million, a P/E ratio of -7.43, a P/E/G ratio of 0.09 and a beta of 1.00.

Gray Media (NYSE:GTN - Get Free Report) last posted its quarterly earnings results on Friday, August 7th. The company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.29. The company had revenue of $839.00 million for the quarter, compared to analysts' expectations of $795.13 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%.The firm's revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.71) EPS. Analysts predict that Gray Media Inc. will post 2.31 EPS for the current year.

Gray Media Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 7.1%. The ex-dividend date of this dividend was Tuesday, September 15th. Gray Media's dividend payout ratio (DPR) is -52.46%.

Analyst Upgrades and Downgrades

Several research analysts have commented on GTN shares. Zacks Research upgraded Gray Media from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Wall Street Zen lowered Gray Media from a "buy" rating to a "hold" rating in a research note on Saturday, September 5th. Finally, Weiss Ratings upgraded Gray Media from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, September 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Gray Media currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.88.

Gray Media Company Profile

Gray Media, Inc NYSE: GTN is a media company that owns and operates local television stations and digital media properties across the United States. Its stations provide local news, weather, sports, investigative reporting and community programming, while also carrying programming from major broadcast networks, including ABC, CBS, NBC, FOX and The CW.

The company's operations include television broadcasting, digital publishing, video production and related media services. Gray Media also produces and distributes original content through its local stations and other media platforms, serving audiences in a range of metropolitan and regional markets.

Founded as Gray Television in 1946, the company expanded through acquisitions and organic growth before adopting the Gray Media name.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.