Saga Communications (NASDAQ:SGA) Shares Up 2.5% – Here’s Why

Shares of Saga Communications, Inc. (NASDAQ:SGA) shot up 2.5% during trading on Tuesday . The stock traded as high as $11.93 and last traded at $11.65. 30,269 shares traded hands during mid-day trading, an increase of 17% from the average session volume of 25,942 shares. The stock had previously closed at $11.37.

Saga Communications Stock Down 0.9 %

The company has a market cap of $72.31 million, a P/E ratio of 16.04 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. The business’s fifty day moving average is $12.31 and its two-hundred day moving average is $13.97.

Saga Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, November 25th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.66%. The ex-dividend date was Monday, November 25th. Saga Communications’s payout ratio is 138.89%.

Insider Activity

In related news, major shareholder Gate City Capital Management, purchased 240,609 shares of the business’s stock in a transaction dated 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 acquisition, the insider now owns 863,845 shares of the company’s stock, valued at $9,718,256.25. The trade was a 38.61 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 21.90% of the company’s stock.

Institutional Investors Weigh In On Saga Communications

Institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC grew its holdings in Saga Communications by 5.9% in the second quarter. Renaissance Technologies LLC now owns 122,744 shares of the company’s stock worth $1,933,000 after purchasing an additional 6,800 shares during the last quarter. Marquette Asset Management LLC boosted its position in shares of Saga Communications by 4.2% in the 3rd quarter. Marquette Asset Management LLC now owns 22,111 shares of the company’s stock worth $318,000 after purchasing an additional 894 shares in the last quarter. Empowered Funds LLC grew its stake in Saga Communications by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock worth $393,000 after buying an additional 1,340 shares during the last quarter. Aristides Capital LLC increased its position in Saga Communications by 12.7% during the 2nd quarter. Aristides Capital LLC now owns 10,850 shares of the company’s stock valued at $171,000 after buying an additional 1,220 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Saga Communications by 1.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 361,325 shares of the company’s stock valued at $5,691,000 after buying an additional 4,015 shares in the last quarter. Institutional investors own 74.28% of the company’s stock.

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.