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

Saga Communications, Inc. (NASDAQ:SGA - Get Free Report) was the recipient of a large increase in short interest in 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 trading volume, of 23,700 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.5% of the shares of the stock are sold short.

Insider Activity

In other news, major shareholder Gate City Capital Management, acquired 240,609 shares of the business's stock in a transaction dated Tuesday, December 31st. The stock was purchased at an average cost of $11.25 per share, for a total transaction of $2,706,851.25. Following the acquisition, the insider now owns 863,845 shares of the company's stock, valued at $9,718,256.25. This trade represents a 38.61 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Edward K. Christian Trust sold 2,326 shares of the firm's stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $12.10, for a total value of $28,144.60. Following the transaction, the insider now directly owns 962,280 shares in the company, valued at approximately $11,643,588. This represents a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,943 shares of company stock worth $137,790. 21.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SGA. Empowered Funds LLC grew its position in Saga Communications by 4.6% during the 4th quarter. Empowered Funds LLC now owns 28,637 shares of the company's stock worth $316,000 after acquiring an additional 1,247 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Saga Communications by 10.4% during the fourth quarter. Northern Trust Corp now owns 13,874 shares of the company's stock valued at $153,000 after purchasing an additional 1,306 shares during the period. Aristides Capital LLC grew its holdings in shares of Saga Communications by 12.1% in the fourth quarter. Aristides Capital LLC now owns 12,160 shares of the company's stock worth $134,000 after purchasing an additional 1,310 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Saga Communications by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 354,831 shares of the company's stock worth $3,914,000 after buying an additional 1,770 shares during the period. Finally, Geode Capital Management LLC raised 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 buying an additional 2,986 shares during the last quarter. Hedge funds and other institutional investors own 74.28% of the company's stock.

Saga Communications Trading Up 0.6 %

Shares of SGA traded up $0.08 during mid-day trading on Friday, reaching $12.61. The company's stock had a trading volume of 28,003 shares, compared to its average volume of 13,304. 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 has a 52 week low of $10.75 and a 52 week high of $24.70. The company's fifty day moving average price is $12.01 and its two-hundred day moving average price is $13.39. The stock has a market cap of $78.94 million, a PE ratio of 17.51 and a beta of 0.27.

Saga Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Tuesday, February 18th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 7.93%. Saga Communications's dividend payout ratio (DPR) is currently 138.89%.

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.