Saga Communications (NASDAQ:SGA) Stock Price Up 0.5% Following Dividend Announcement

Shares of Saga Communications, Inc. (NASDAQ:SGA) were up 0.5% during mid-day trading on Thursday after the company announced a dividend. The company traded as high as $19.65 and last traded at $19.39. Approximately 13,961 shares changed hands during trading, a decline of 2% from the average daily volume of 14,260 shares. The stock had previously closed at $19.29.

The newly announced dividend which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 5.14%. The ex-dividend date of this dividend is Monday, June 3rd. Saga Communications’s payout ratio is 89.29%.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Saga Communications from a “buy” rating to a “hold” rating in a research report on Friday, January 26th.

Saga Communications Stock Performance

The business’s 50 day moving average is $21.95 and its 200-day moving average is $22.37. The stock has a market cap of $121.76 million, a price-to-earnings ratio of 17.37 and a beta of 0.40.

Saga Communications (NASDAQ:SGA) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter. The firm had revenue of $24.66 million during the quarter, compared to analysts’ expectations of $24.30 million. Saga Communications had a net margin of 6.25% and a return on equity of 4.41%. Sell-side analysts anticipate that Saga Communications, Inc. will post 1.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Saga Communications

Several institutional investors have recently bought and sold shares of the company. Gate City Capital Management LLC acquired a new position in shares of Saga Communications during the fourth quarter worth about $10,195,000. Acuitas Investments LLC grew its position in shares of Saga Communications by 18.9% during the fourth quarter. Acuitas Investments LLC now owns 123,392 shares of the company’s stock worth $2,747,000 after buying an additional 19,650 shares in the last quarter. Significant Wealth Partners LLC acquired a new position in shares of Saga Communications during the fourth quarter worth about $1,180,000. Empowered Funds LLC grew its position in shares of Saga Communications by 37.5% during the first quarter. Empowered Funds LLC now owns 24,250 shares of the company’s stock worth $541,000 after buying an additional 6,614 shares in the last quarter. Finally, Lokken Investment Group LLC acquired a new position in shares of Saga Communications during the fourth quarter worth about $200,000. 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.