Saga Communications, Inc. (NASDAQ:SGA) Short Interest Update

Saga Communications, Inc. (NASDAQ:SGA) was the recipient of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 20,600 shares, an increase of 237.7% from the January 15th total of 6,100 shares. Based on an average daily volume of 23,700 shares, the short-interest ratio is presently 0.9 days. Currently, 0.5% of the company’s stock are short sold.

Saga Communications Stock Up 0.6 %

NASDAQ SGA traded up $0.08 during trading hours on Wednesday, hitting $12.40. 7,212 shares of the company traded hands, compared to its average volume of 16,040. The stock has a market capitalization of $77.62 million, a price-to-earnings ratio of 17.22 and a beta of 0.27. Saga Communications has a twelve month low of $10.75 and a twelve month high of $24.70. The business’s 50-day moving average is $11.98 and its 200-day moving average is $13.45. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.64 and a current ratio of 2.64.

Saga Communications Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Tuesday, February 18th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.00 annualized dividend and a dividend yield of 8.06%. Saga Communications’s dividend payout ratio is presently 138.89%.

Insider Buying and Selling

In other Saga Communications news, major shareholder Gate City Capital Management, bought 240,609 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was acquired at an average price of $11.25 per share, with a total value of $2,706,851.25. Following the completion of the transaction, the insider now owns 863,845 shares in the company, valued at approximately $9,718,256.25. This trade represents a 38.61 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Edward K. Christian Trust sold 5,651 shares of Saga Communications stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $12.72, for a total transaction of $71,880.72. Following the completion of the sale, the insider now owns 945,000 shares in the company, valued at $12,020,400. The trade was a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,943 shares of company stock valued at $137,790. Company insiders own 21.90% of the company’s stock.

Hedge Funds Weigh In On Saga Communications

A number of institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC grew its holdings in Saga Communications by 5.1% during the third quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock worth $393,000 after purchasing an additional 1,340 shares during the period. Geode Capital Management LLC boosted its stake in shares of Saga Communications by 5.9% during the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock worth $771,000 after acquiring an additional 2,986 shares during the period. Krilogy Financial LLC acquired a new position in shares of Saga Communications during the 4th quarter worth approximately $265,000. Finally, Peapod Lane Capital LLC acquired a new position in shares of Saga Communications during the 4th quarter worth approximately $1,675,000. 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.