Short Interest in Townsquare Media, Inc. (NYSE:TSQ) Decreases By 35.2%

Key Points

• Short interest fell 35.2% to 162,097 shares as of August 14, representing 1.3% of shares outstanding and a days-to-cover ratio of 1.4.
• Townsquare Media shares declined 2.6% to $5.64, while the company reported quarterly EPS of $0.21, beating estimates, on revenue of $114 million.
• The company declared a quarterly dividend of $0.20 per share, equal to an annualized $0.80 payout and a 14.2% yield; however, insiders sold more than 183,000 shares over the prior three months, and analysts’ consensus rating remained “Hold.”

Townsquare Media, Inc. (NYSE:TSQ - Get Free Report) saw a significant drop in short interest during the month of August. As of August 14th, there was short interest totaling 162,097 shares, a drop of 35.2% from the July 30th total of 250,260 shares. Currently, 1.3% of the company's shares are short sold. Based on an average daily volume of 117,106 shares, the days-to-cover ratio is currently 1.4 days.

Townsquare Media Trading Down 2.6%

Townsquare Media stock traded down $0.15 during trading hours on Tuesday, hitting $5.64. 89,494 shares of the stock traded hands, compared to its average volume of 120,496. Townsquare Media has a one year low of $4.30 and a one year high of $7.97. The firm's 50-day moving average price is $6.30 and its two-hundred day moving average price is $6.41. The company has a market cap of $102.82 million, a PE ratio of -1.96 and a beta of 1.22.

Townsquare Media (NYSE:TSQ - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. The business had revenue of $114.00 million during the quarter, compared to analyst estimates of $114.74 million. Townsquare Media had a negative return on equity of 5.59% and a negative net margin of 11.82%. On average, sell-side analysts expect that Townsquare Media will post 0.34 earnings per share for the current fiscal year.

Townsquare Media Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Monday, October 26th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, October 26th. This represents a $0.80 annualized dividend and a yield of 14.2%. Townsquare Media's payout ratio is presently -27.78%.

Insider Activity

In other Townsquare Media news, CEO Bill Wilson sold 21,420 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $5.54, for a total transaction of $118,666.80. Following the completion of the transaction, the chief executive officer owned 2,979,061 shares of the company's stock, valued at $16,503,997.94. This represents a 0.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Erik Hellum sold 35,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $6.44, for a total value of $225,400.00. Following the completion of the sale, the chief operating officer owned 914,542 shares of the company's stock, valued at approximately $5,889,650.48. This trade represents a 3.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 183,164 shares of company stock worth $1,055,101 over the last three months. 30.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Townsquare Media

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Inc. bought a new stake in shares of Townsquare Media in the 2nd quarter worth approximately $33,000. Algert Global LLC bought a new stake in Townsquare Media in the third quarter worth $72,000. XTX Topco Ltd bought a new stake in Townsquare Media in the fourth quarter worth $83,000. Occudo Quantitative Strategies LP purchased a new stake in shares of Townsquare Media in the second quarter worth $101,000. Finally, Cetera Investment Advisers bought a new position in shares of Townsquare Media during the first quarter valued at $129,000. Institutional investors own 71.69% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Wall Street Zen cut Townsquare Media from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings cut shares of Townsquare Media from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 11th. Barrington Research reissued an "outperform" rating and set a $10.00 price objective on shares of Townsquare Media in a research report on Monday, May 11th. Finally, Zacks Research raised shares of Townsquare Media from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 20th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $10.00.

About Townsquare Media

Townsquare Media, Inc NYSE: TSQ is a diversified media and entertainment company that operates primarily in small and mid-sized markets across the United States. The company owns and manages over 300 local radio stations that deliver music, news, sports and community programming to listeners. In addition to its core broadcasting business, Townsquare Media provides digital marketing solutions and advertising services through its proprietary platforms and specialized agencies, helping local businesses connect with consumers via targeted online campaigns.

Founded in 2010 and headquartered in Purchase, New York, Townsquare Media has grown its footprint through strategic acquisitions and the development of a broad digital portfolio.

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