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

Key Points

• Gray Media declared a quarterly dividend of $0.08 per share payable June 30 to holders of record on June 15, implying an annualized yield of about 7.2%.
• Although the payout ratio is currently low at 12.1%, analysts forecast next-year EPS of ($0.55), which would make the dividend unsustainable (an expected payout ratio of about -58.2%).
• The stock plunged about 19.9% to $4.43 after reporting an EPS miss of ($0.34) versus ($0.32) expected, and the company shows negative margins and relatively high leverage (debt-to-equity ~2.66).

Gray Media Inc. (NYSE:GTN - Get Free Report) announced a quarterly dividend on Thursday, May 7th. Investors of record on Monday, June 15th will be paid a dividend of 0.08 per share on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a dividend yield of 7.2%. The ex-dividend date of this dividend is Monday, June 15th.

Gray Media has a payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Gray Media to earn ($0.55) 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 -58.2%.

Gray Media Trading Down 19.9%

GTN traded down $1.10 on Thursday, hitting $4.43. The company had a trading volume of 3,180,234 shares, compared to its average volume of 1,362,901. The firm has a market cap of $459.95 million, a P/E ratio of -3.12 and a beta of 1.04. Gray Media has a 1 year low of $3.50 and a 1 year high of $6.43. The company's fifty day moving average price is $5.14 and its 200 day moving average price is $4.86. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 2.66.

Gray Media (NYSE:GTN - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.02). Gray Media had a negative return on equity of 2.51% and a negative net margin of 2.75%.The company had revenue of $768.00 million for the quarter, compared to analysts' expectations of $768.05 million. During the same period last year, the business earned ($0.23) EPS. The company's quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts expect that Gray Media will post 2.2 earnings per share 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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