Gray Television, Inc. (NYSE:GTN) Plans $0.08 Quarterly Dividend

Gray Television, Inc. (NYSE:GTN - Get Free Report) declared a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.08 per share on Monday, March 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 9.03%. The ex-dividend date is Friday, March 14th.

Gray Television has a payout ratio of 10.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Gray Television to earn ($0.28) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -114.3%.

Gray Television Trading Down 3.9 %

GTN traded down $0.15 on Tuesday, reaching $3.55. 1,486,865 shares of the company's stock were exchanged, compared to its average volume of 1,370,509. The company's 50 day moving average is $3.63 and its 200-day moving average is $4.42. The company has a market cap of $353.32 million, a price-to-earnings ratio of 2.36 and a beta of 1.41. Gray Television has a twelve month low of $2.91 and a twelve month high of $7.41. The company has a debt-to-equity ratio of 2.76, a quick ratio of 1.13 and a current ratio of 1.13.

Gray Television (NYSE:GTN - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported $1.59 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.59. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.04 billion. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. Equities analysts predict that Gray Television will post 3.32 earnings per share for the current year.

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Analyst Ratings Changes

Several equities analysts recently issued reports on GTN shares. StockNews.com upgraded Gray Television from a "sell" rating to a "hold" rating in a research note on Monday, November 11th. Wells Fargo & Company raised shares of Gray Television from an "underweight" rating to an "equal weight" rating and set a $4.00 price objective for the company in a report on Monday. Guggenheim decreased their price objective on shares of Gray Television from $10.00 to $8.00 and set a "buy" rating for the company in a report on Tuesday, November 12th. Barrington Research raised shares of Gray Television to a "hold" rating in a report on Thursday, November 14th. Finally, Benchmark decreased their price objective on shares of Gray Television from $11.00 to $8.00 and set a "buy" rating for the company in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $6.67.

Insider Activity

In other news, Director Richard Lee Boger sold 16,000 shares of the business's stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total transaction of $61,600.00. Following the completion of the transaction, the director now owns 55,347 shares of the company's stock, valued at approximately $213,085.95. The trade was a 22.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.80% of the company's stock.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.