Saga Communications (NASDAQ:SGA) Stock Price Down 1.6% - Here's Why

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report)'s stock price was down 1.6% on Tuesday . The company traded as low as $11.40 and last traded at $11.41. Approximately 2,179 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 16,969 shares. The stock had previously closed at $11.60.

Wall Street Analysts Forecast Growth

Separately, StockNews.com began coverage on Saga Communications in a research note on Friday. They issued a "hold" rating on the stock.

Saga Communications Stock Up 1.3 %

The firm has a market capitalization of $75.73 million, a price-to-earnings ratio of 16.33 and a beta of 0.22. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.64 and a current ratio of 2.64. The business's 50 day moving average is $11.74 and its 200-day moving average is $12.22.

Saga Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 18th were paid a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.51%. Saga Communications's payout ratio is presently 181.82%.

Insider Buying and Selling at Saga Communications

In other Saga Communications news, major shareholder Edward K. Christian Trust sold 5,000 shares of the firm's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $12.56, for a total value of $62,800.00. Following the sale, the insider now directly owns 938,250 shares in the company, valued at $11,784,420. This trade represents a 0.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 12,434 shares of company stock valued at $157,411 in the last 90 days. 21.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Saga Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Peapod Lane Capital LLC lifted its holdings in Saga Communications by 34.2% in the first quarter. Peapod Lane Capital LLC now owns 203,707 shares of the company's stock valued at $2,540,000 after buying an additional 51,884 shares during the period. Gate City Capital Management LLC boosted its stake in Saga Communications by 94.5% during the 4th quarter. Gate City Capital Management LLC now owns 863,845 shares of the company's stock worth $9,528,000 after acquiring an additional 419,714 shares during the last quarter. Bridgeway Capital Management LLC increased its stake in Saga Communications by 1.1% in the fourth quarter. Bridgeway Capital Management LLC now owns 78,053 shares of the company's stock valued at $861,000 after purchasing an additional 847 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Saga Communications during the fourth quarter worth $115,000. Finally, Northern Trust Corp grew its holdings in shares of Saga Communications by 10.4% in the 4th quarter. Northern Trust Corp now owns 13,874 shares of the company's stock valued at $153,000 after buying an additional 1,306 shares during the period. 74.28% of the stock is owned by institutional investors and hedge funds.

Saga Communications Company Profile

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.