Short Interest in Saga Communications, Inc. (NASDAQ:SGA) Declines By 13.6%

Saga Communications, Inc. (NASDAQ:SGA) was the recipient of a large decrease in short interest during the month of December. As of December 31st, there was short interest totalling 12,100 shares, a decrease of 13.6% from the December 15th total of 14,000 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average daily volume of 23,100 shares, the days-to-cover ratio is currently 0.5 days.

Insider Buying and Selling

In other news, major shareholder Gate City Capital Management, purchased 240,609 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were acquired at an average cost of $11.25 per share, with a total value of $2,706,851.25. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website. 21.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Saga Communications

Several hedge funds and other institutional investors have recently modified their holdings of SGA. Aristides Capital LLC raised its holdings in shares of Saga Communications by 12.7% in the second quarter. Aristides Capital LLC now owns 10,850 shares of the company’s stock worth $171,000 after buying an additional 1,220 shares during the last quarter. Marquette Asset Management LLC grew its stake in Saga Communications by 4.2% during the 3rd 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 during the last quarter. Krilogy Financial LLC purchased a new stake in Saga Communications during the 4th quarter valued at about $265,000. Empowered Funds LLC increased its holdings in shares of Saga Communications by 5.1% in the third quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock valued at $393,000 after purchasing an additional 1,340 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Saga Communications by 5.9% in the third quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock worth $771,000 after purchasing an additional 2,986 shares during the last quarter. 74.28% of the stock is owned by hedge funds and other institutional investors.

Saga Communications Stock Down 1.9 %

SGA stock traded down $0.23 on Thursday, hitting $11.63. 10,185 shares of the company’s stock were exchanged, compared to its average volume of 24,381. The firm has a 50 day moving average price of $12.08 and a two-hundred day moving average price of $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 cap of $72.80 million, a P/E ratio of 16.22 and a beta of 0.26. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.64 and a current ratio of 2.64.

Saga Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, November 25th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, November 25th. This represents a $1.00 annualized dividend and a dividend yield of 8.60%. Saga Communications’s dividend payout ratio (DPR) is currently 138.89%.

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.