Saga Communications, Inc. to Issue Quarterly Dividend of $0.25 (NASDAQ:SGA)

Key Points

• Saga Communications will pay a quarterly dividend of $0.25 per share to shareholders of record on May 22, with payment on June 12, implying a 9.1% yield.
• The company’s payout ratio is 135.1% and it reported a loss of $0.38 per share for the quarter, indicating the dividend is not covered by current earnings and is being supported by the balance sheet.
• Shares recently traded at $10.98 with a market cap of about $69.8 million and a negative P/E, while insiders own ~22.4% and hedge funds/institutions hold roughly 74% of the stock.

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) announced a quarterly dividend on Thursday, May 7th. Shareholders of record on Friday, May 22nd will be paid a dividend of 0.25 per share on Friday, June 12th. This represents a c) annualized dividend and a yield of 9.1%. The ex-dividend date is Friday, May 22nd.

Saga Communications has increased its dividend by an average of 0.3%annually over the last three years. Saga Communications has a payout ratio of 135.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments.

Saga Communications Price Performance

Shares of Saga Communications stock traded down $0.19 during trading hours on Thursday, reaching $10.98. 21,332 shares of the company's stock were exchanged, compared to its average volume of 9,370. The business has a fifty day moving average of $11.60 and a two-hundred day moving average of $11.65. The company has a market capitalization of $69.83 million, a P/E ratio of -9.00 and a beta of -0.07. The company has a quick ratio of 3.04, a current ratio of 3.04 and a debt-to-equity ratio of 0.03. Saga Communications has a 1 year low of $10.68 and a 1 year high of $14.27.

Saga Communications (NASDAQ:SGA - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.38) earnings per share for the quarter. The business had revenue of $22.87 million during the quarter. Saga Communications had a positive return on equity of 4.51% and a negative net margin of 7.37%.

Insider Activity at Saga Communications

In other news, major shareholder Edward K. Christian Trust sold 5,665 shares of the business's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $12.07, for a total transaction of $68,376.55. Following the transaction, the insider owned 881,044 shares of the company's stock, valued at approximately $10,634,201.08. The trade was a 0.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 22.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Saga Communications

A number of institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. boosted its holdings in Saga Communications by 256.7% in the 2nd quarter. Osaic Holdings Inc. now owns 3,984 shares of the company's stock valued at $52,000 after purchasing an additional 2,867 shares during the last quarter. LPL Financial LLC acquired a new stake in shares of Saga Communications during the 4th quarter worth approximately $163,000. Bank of America Corp DE raised its position in shares of Saga Communications by 30,720.0% during the 3rd quarter. Bank of America Corp DE now owns 16,951 shares of the company's stock valued at $211,000 after buying an additional 16,896 shares during the period. Empowered Funds LLC raised its position in shares of Saga Communications by 6.2% during the 1st quarter. Empowered Funds LLC now owns 30,406 shares of the company's stock valued at $379,000 after buying an additional 1,769 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Saga Communications by 3.3% in the fourth quarter. Geode Capital Management LLC now owns 59,371 shares of the company's stock valued at $678,000 after acquiring an additional 1,923 shares during the last quarter. 74.28% of the stock is owned by hedge funds and other institutional investors.

About Saga Communications

Saga Communications, Inc NASDAQ: SGA is an independent radio broadcasting company that owns and operates a portfolio of local radio stations across the United States. Headquartered in Grosse Pointe Farms, Michigan, the company focuses on full‐service radio properties offering a variety of formats, including music, news‐talk and sports programming. In addition to traditional over‐the‐air broadcasts, Saga leverages web streaming and mobile platforms to broaden listener reach and provide advertisers with multimedia opportunities.

Founded in 1985 by Edward J.

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