Gray Television, Inc. (GTN) to Issue Quarterly Dividend of $0.08 on June 30th

Gray Television, Inc. (NYSE:GTN) announced a quarterly dividend on Friday, May 9th, Wall Street Journal reports. Investors of record on Friday, June 13th will be given a dividend of 0.08 per share on Monday, June 30th. This represents a $0.32 dividend on an annualized basis and a yield of 7.91%. The ex-dividend date of this dividend is Friday, June 13th.

Gray Television has a dividend payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Gray Television to earn ($0.28) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -114.3%.

Gray Television Stock Performance

NYSE GTN opened at $4.05 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. Gray Television has a fifty-two week low of $2.91 and a fifty-two week high of $6.61. The business has a fifty day moving average of $3.74 and a 200-day moving average of $3.82. The stock has a market cap of $410.74 million, a price-to-earnings ratio of 2.70 and a beta of 1.16.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.26. The firm had revenue of $782.00 million during the quarter, compared to analysts’ expectations of $772.71 million. Gray Television had a return on equity of 9.60% and a net margin of 5.69%. The firm’s quarterly revenue was down 5.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.79 EPS. As a group, analysts predict that Gray Television will post 3.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GTN. Wells Fargo & Company raised their target price on shares of Gray Television from $4.00 to $4.50 and gave the stock an “equal weight” rating in a research report on Monday, May 12th. Wall Street Zen lowered shares of Gray Television from a “hold” rating to a “sell” rating in a report on Monday, May 12th. Benchmark cut their price target on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Finally, Guggenheim decreased their price target on shares of Gray Television from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, March 10th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $6.17.

Insider Activity

In other Gray Television news, CFO Jeffrey R. Gignac bought 12,500 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were acquired at an average price of $3.68 per share, with a total value of $46,000.00. Following the purchase, the chief financial officer now owns 644,599 shares in the company, valued at approximately $2,372,124.32. The trade was a 1.98% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 15.22% of the company’s stock.

Institutional Trading of Gray Television

A hedge fund recently raised its stake in Gray Television stock. Empowered Funds LLC grew its stake in shares of Gray Television, Inc. (NYSE:GTN) by 7.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 464,859 shares of the company’s stock after purchasing an additional 32,173 shares during the quarter. Empowered Funds LLC owned 0.46% of Gray Television worth $2,008,000 at the end of the most recent quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Gray Television Company Profile

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.