Gate City Capital Management, Buys 240,609 Shares of Saga Communications, Inc. (NASDAQ:SGA) Stock

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) 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 shares were purchased at an average cost of $11.25 per share, with a total value of $2,706,851.25. Following the acquisition, the insider now directly owns 863,845 shares of the company's stock, valued at approximately $9,718,256.25. This trade represents a 38.61 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Saga Communications Stock Performance

Shares of SGA stock traded down $0.10 on Wednesday, hitting $11.55. The company had a trading volume of 43,464 shares, compared to its average volume of 29,433. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. Saga Communications, Inc. has a twelve month low of $10.75 and a twelve month high of $24.70. The company has a 50-day moving average price of $12.36 and a 200-day moving average price of $13.99. The firm has a market cap of $72.31 million, a P/E ratio of 16.04 and a beta of 0.26.

Saga Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, November 25th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.00 annualized dividend and a yield of 8.66%. Saga Communications's dividend payout ratio is presently 138.89%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SGA. Renaissance Technologies LLC lifted its position in shares of Saga Communications by 5.9% during the 2nd quarter. Renaissance Technologies LLC now owns 122,744 shares of the company's stock valued at $1,933,000 after buying an additional 6,800 shares in the last quarter. Marquette Asset Management LLC lifted its holdings in Saga Communications by 4.2% during the third quarter. Marquette Asset Management LLC now owns 22,111 shares of the company's stock valued at $318,000 after purchasing an additional 894 shares in the last quarter. Empowered Funds LLC increased its stake in shares of 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 in the last quarter. Aristides Capital LLC raised its position in shares of Saga Communications by 12.7% during the 2nd quarter. Aristides Capital LLC now owns 10,850 shares of the company's stock worth $171,000 after purchasing an additional 1,220 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Saga Communications by 1.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 361,325 shares of the company's stock valued at $5,691,000 after buying an additional 4,015 shares in the last quarter. Institutional investors and hedge funds own 74.28% of the company's stock.

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.