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

Gray Television, Inc. (NYSE:GTN - Get Free Report) declared a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Investors of record on Friday, December 13th will be paid a dividend of 0.08 per share on Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 7.48%. The ex-dividend date of this dividend is Friday, December 13th.

Gray Television has a payout ratio of -49.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Gray Television to earn ($0.86) 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 -37.2%.

Gray Television Price Performance

GTN traded down $1.51 during midday trading on Friday, hitting $4.28. The stock had a trading volume of 7,068,845 shares, compared to its average volume of 836,385. Gray Television has a 1 year low of $3.95 and a 1 year high of $10.07. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.63 and a current ratio of 1.63. The business has a fifty day moving average of $5.30 and a 200 day moving average of $5.46. The company has a market cap of $426.57 million, a P/E ratio of 2.85, a price-to-earnings-growth ratio of 0.14 and a beta of 1.47.

Gray Television (NYSE:GTN - Get Free Report) last released its earnings results on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.08). The business had revenue of $950.00 million for the quarter, compared to the consensus estimate of $967.49 million. Gray Television had a net margin of 1.84% and a return on equity of 3.02%. Gray Television's revenue for the quarter was up 18.3% on a year-over-year basis. During the same period in the prior year, the business posted ($0.57) EPS. As a group, equities analysts forecast that Gray Television will post 4.37 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Benchmark dropped their target price on Gray Television from $13.00 to $11.00 and set a "buy" rating for the company in a report on Friday, August 9th. Guggenheim dropped their price target on Gray Television from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday, August 14th. Finally, Wells Fargo & Company reduced their price objective on Gray Television from $6.00 to $4.00 and set an "underweight" rating for the company in a research report on Friday, August 9th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $8.33.

About Gray Television

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.