Royal Bank of Canada trimmed its holdings in Entercom Communications Corporation (NYSE:ETM) by 68.4% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 51,181 shares of the company’s stock after selling 110,726 shares during the quarter. Royal Bank of Canada owned about 0.13% of Entercom Communications Corporation worth $530,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ETM. Northern Trust Corp increased its holdings in Entercom Communications Corporation by 35.5% in the 2nd quarter. Northern Trust Corp now owns 1,465,228 shares of the company’s stock worth $15,165,000 after buying an additional 383,788 shares in the last quarter. Weber Alan W purchased a new position in Entercom Communications Corporation in the second quarter worth about $3,337,000. K2 Principal Fund L.P. boosted its position in Entercom Communications Corporation by 750.4% in the second quarter. K2 Principal Fund L.P. now owns 337,510 shares of the company’s stock worth $3,493,000 after purchasing an additional 297,822 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Entercom Communications Corporation by 7.0% in the second quarter. JPMorgan Chase & Co. now owns 4,399,135 shares of the company’s stock worth $45,531,000 after purchasing an additional 287,581 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Entercom Communications Corporation in the second quarter worth about $2,281,000. Institutional investors own 57.81% of the company’s stock.
Several research analysts have issued reports on the company. Noble Financial reissued a “buy” rating on shares of Entercom Communications Corporation in a research report on Monday, July 31st. BidaskClub raised Entercom Communications Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th.
Entercom Communications Corporation (ETM) opened at $10.70 on Monday. The stock has a market capitalization of $435.80, a PE ratio of 13.21, a price-to-earnings-growth ratio of 11.63 and a beta of 1.09. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.21 and a quick ratio of 2.21. Entercom Communications Corporation has a 12-month low of $9.45 and a 12-month high of $16.55.
Entercom Communications Corporation (NYSE:ETM) last announced its earnings results on Thursday, November 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.02. The business had revenue of $122.30 million for the quarter, compared to analysts’ expectations of $120.76 million. Entercom Communications Corporation had a return on equity of 8.67% and a net margin of 2.69%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm posted $0.27 earnings per share. equities analysts anticipate that Entercom Communications Corporation will post 0.46 EPS for the current fiscal year.
Entercom Communications Corporation declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 22.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be given a $0.09 dividend. The ex-dividend date of this dividend is Monday, November 27th. This represents a $0.36 annualized dividend and a yield of 3.36%. Entercom Communications Corporation’s payout ratio is 115.38%.
About Entercom Communications Corporation
Entercom Communications Corp. is a radio broadcasting company. The Company sells advertising time to local, regional and national advertisers and national network advertisers, purchasing spot commercials in varying lengths. It focuses on station-related digital platforms, which allow for audience interaction and participation, and integrated local digital marketing solutions and station events.
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