Saga Communications, Inc. (NASDAQ:SGA) Sees Large Decrease in Short Interest

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) was the target of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 7,100 shares, a decrease of 34.9% from the March 31st total of 10,900 shares. Based on an average daily volume of 11,400 shares, the days-to-cover ratio is presently 0.6 days. Approximately 0.2% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Separately, StockNews.com assumed coverage on shares of Saga Communications in a research note on Saturday. They issued a "hold" rating on the stock.

Saga Communications Trading Down 1.6 %

Shares of NASDAQ:SGA opened at $11.41 on Wednesday. Saga Communications has a 12 month low of $10.75 and a 12 month high of $23.56. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. The company's fifty day simple moving average is $11.76 and its 200 day simple moving average is $12.29. The firm has a market cap of $73.50 million, a price-to-earnings ratio of 15.85 and a beta of 0.21.

Saga Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 18th were paid a $0.25 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.00 annualized dividend and a yield of 8.76%. Saga Communications's payout ratio is currently 181.82%.

Insider Transactions at Saga Communications

In other news, major shareholder Edward K. Christian Trust sold 5,000 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $12.56, for a total transaction of $62,800.00. Following the sale, the insider now directly owns 938,250 shares of the company's stock, valued at $11,784,420. This represents a 0.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders have sold 12,540 shares of company stock valued at $158,738. 21.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Saga Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Gate City Capital Management LLC grew its position in shares of Saga Communications by 94.5% in the 4th quarter. Gate City Capital Management LLC now owns 863,845 shares of the company's stock valued at $9,528,000 after acquiring an additional 419,714 shares during the period. Peapod Lane Capital LLC bought a new position in Saga Communications during the 4th quarter worth $1,675,000. Krilogy Financial LLC bought a new position in Saga Communications during the 4th quarter worth $265,000. Jane Street Group LLC bought a new position in Saga Communications during the 4th quarter worth $115,000. Finally, Geode Capital Management LLC increased its stake in shares of Saga Communications by 8.9% in the 4th quarter. Geode Capital Management LLC now owns 58,432 shares of the company's stock valued at $645,000 after purchasing an additional 4,753 shares during the last quarter. 74.28% of the stock is currently owned by institutional investors and hedge funds.

About Saga Communications

Saga Communications, Inc, a media company, engages in acquiring, developing, and operating broadcast properties in the United States. The company's radio stations employ various programming formats, including classic hits, country, classic country, hot/soft/urban adult contemporary, oldies, classic rock, rock, and news/talk.

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