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

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) was the target of a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 12,100 shares, a drop of 13.6% from the December 15th total of 14,000 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average daily volume of 23,100 shares, the days-to-cover ratio is presently 0.5 days.

Saga Communications Trading Down 1.9 %

Shares of NASDAQ SGA traded down $0.23 during trading hours on Thursday, hitting $11.63. 10,185 shares of the company traded hands, compared to its average volume of 24,381. The company's 50 day moving average price is $12.08 and its 200 day moving average price is $13.83. Saga Communications has a 12 month low of $10.75 and a 12 month high of $24.70. The stock has a market capitalization of $72.80 million, a price-to-earnings ratio of 16.22 and a beta of 0.26. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.03.

Saga Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, November 25th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 8.60%. The ex-dividend date was Monday, November 25th. Saga Communications's dividend payout ratio is currently 138.89%.

Insider Buying and Selling at Saga Communications

In related news, major shareholder Gate City Capital Management, acquired 240,609 shares of the firm's stock in a transaction on Tuesday, December 31st. The shares were acquired at an average cost of $11.25 per share, for a total transaction of $2,706,851.25. Following the completion of the transaction, the insider now directly owns 863,845 shares in the company, valued at approximately $9,718,256.25. This trade represents a 38.61 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 21.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Saga Communications

Several institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its stake in Saga Communications by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 361,325 shares of the company's stock worth $5,691,000 after purchasing an additional 4,015 shares during the last quarter. Renaissance Technologies LLC lifted its stake 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 worth $1,933,000 after acquiring an additional 6,800 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Saga Communications by 5.9% during the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company's stock valued at $771,000 after acquiring an additional 2,986 shares during the period. Empowered Funds LLC grew its position in Saga Communications by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 27,390 shares of the company's stock valued at $393,000 after acquiring an additional 1,340 shares during the last quarter. Finally, Krilogy Financial LLC bought a new position in Saga Communications in the 4th quarter valued at $265,000. Institutional investors own 74.28% of the company's stock.

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.

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