Gray Media Inc. (NYSE:GTN) Announces $0.08 Quarterly Dividend

Key Points

• Gray Media declared a quarterly dividend of $0.08 per share, payable September 30 to shareholders of record on September 15. The dividend implies an annualized payout of $0.32 and a yield of approximately 6.0%.
• The dividend currently appears covered by earnings, with a payout ratio of 12.1%; however, analysts expect a loss of $1.13 per share next year, potentially challenging future coverage.
• Gray Media reported quarterly revenue of $839 million, up 8.7% year over year, and adjusted earnings of $0.21 per share, beating analyst expectations. Its stock rose 24.8% to $5.34 during Friday trading.

Gray Media Inc. (NYSE:GTN - Get Free Report) announced a quarterly dividend on Friday, August 7th. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.08 per share on Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 6.0%. The ex-dividend date is Tuesday, September 15th.

Gray Media has a dividend payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Gray Media to earn ($1.13) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -28.3%.

Gray Media Stock Up 24.8%

NYSE:GTN traded up $1.06 during mid-day trading on Friday, reaching $5.34. The stock had a trading volume of 4,321,859 shares, compared to its average volume of 1,381,301. The company has a debt-to-equity ratio of 2.72, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market capitalization of $548.73 million, a price-to-earnings ratio of -3.49 and a beta of 0.94. Gray Media has a 1-year low of $3.50 and a 1-year high of $6.43. The stock's 50 day simple moving average is $3.98 and its two-hundred day simple moving average is $4.51.

Gray Media (NYSE:GTN - Get Free Report) last released its earnings results on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.29. The firm had revenue of $839.00 million during the quarter, compared to analyst estimates of $795.13 million. Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.71) earnings per share. Equities analysts anticipate that Gray Media will post 1.85 EPS for the current year.

About Gray Media

Gray Media NYSE: GTN is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company's core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media's television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.

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