Entercom Communications Corporation Announces Quarterly Dividend of $0.28 (NYSE:ETM)
Entercom Communications Corporation (NYSE:ETM) announced a quarterly dividend on Friday, July 28th, NASDAQ reports. Stockholders of record on Tuesday, August 15th will be paid a dividend of 0.275 per share on Friday, September 15th. This represents a $1.10 annualized dividend and a dividend yield of 11.52%. The ex-dividend date is Friday, August 11th.
Entercom Communications Corporation has a dividend payout ratio of 42.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Entercom Communications Corporation to earn $0.96 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 31.3%.
Entercom Communications Corporation (ETM) traded down 1.55% during trading on Friday, reaching $9.55. The company’s stock had a trading volume of 268,957 shares. The company has a 50-day moving average of $10.01 and a 200 day moving average of $12.38. Entercom Communications Corporation has a one year low of $9.50 and a one year high of $16.55. The firm has a market cap of $388.80 million, a PE ratio of 21.41 and a beta of 1.17.
Entercom Communications Corporation (NYSE:ETM) last released its quarterly earnings results on Friday, July 28th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.07. Entercom Communications Corporation had a net margin of 4.27% and a return on equity of 8.52%. The company had revenue of $125 million during the quarter, compared to the consensus estimate of $121.42 million. During the same period in the prior year, the firm earned $0.26 earnings per share. Entercom Communications Corporation’s revenue was up 2.8% on a year-over-year basis. Analysts expect that Entercom Communications Corporation will post $0.91 EPS for the current fiscal year.
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In other news, Chairman Joseph M. Field acquired 4,793 shares of the firm’s stock in a transaction dated Friday, June 16th. The shares were purchased at an average cost of $9.95 per share, for a total transaction of $47,690.35. Following the transaction, the chairman now directly owns 1,006,844 shares of the company’s stock, valued at $10,018,097.80. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Joseph M. Field acquired 135,832 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were purchased at an average price of $9.73 per share, for a total transaction of $1,321,645.36. Following the completion of the transaction, the chairman now directly owns 1,006,844 shares in the company, valued at $9,796,592.12. The disclosure for this purchase can be found here. Insiders acquired 583,087 shares of company stock worth $5,775,962 over the last quarter. Insiders own 32.57% of the company’s stock.
Several brokerages recently issued reports on ETM. Noble Financial restated a “buy” rating on shares of Entercom Communications Corporation in a report on Monday, July 31st. Zacks Investment Research upgraded shares of Entercom Communications Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 30th. ValuEngine cut shares of Entercom Communications Corporation from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, TheStreet cut shares of Entercom Communications Corporation from a “b” rating to a “c” rating in a report on Monday, May 8th.
About Entercom Communications Corporation
Entercom Communications Corp. is a radio broadcasting company. The Company sells advertising time to local, regional and national advertisers and national network advertisers, purchasing spot commercials in varying lengths. It focuses on station-related digital platforms, which allow for audience interaction and participation, and integrated local digital marketing solutions and station events.
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