Saga Communications, Inc. (NASDAQ:SGA) Sees Significant Decrease in Short Interest

Saga Communications, Inc. (NASDAQ:SGA) was the recipient of a large decrease in short interest during the month of March. As of March 31st, there was short interest totaling 11,511 shares, a decrease of 16.9% from the March 15th total of 13,850 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily volume of 9,543 shares, the days-to-cover ratio is presently 1.2 days.

Saga Communications Price Performance

Shares of SGA stock traded down $0.31 during mid-day trading on Friday, reaching $11.63. The company’s stock had a trading volume of 1,232 shares, compared to its average volume of 8,899. Saga Communications has a 1-year low of $10.68 and a 1-year high of $14.27. The company has a market cap of $74.87 million, a P/E ratio of -9.53 and a beta of -0.03. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.74 and a current ratio of 2.74. The firm’s 50-day moving average is $11.62 and its two-hundred day moving average is $11.77.

Saga Communications (NASDAQ:SGA) last announced its quarterly earnings data on Thursday, March 12th. The company reported $1.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $1.23. Saga Communications had a negative net margin of 7.37% and a positive return on equity of 4.43%. The company had revenue of $26.51 million during the quarter, compared to analysts’ expectations of $27.70 million. On average, research analysts predict that Saga Communications will post 0.23 earnings per share for the current year.

Saga Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Thursday, February 26th were paid a $0.25 dividend. The ex-dividend date was Thursday, February 26th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.6%. Saga Communications’s dividend payout ratio is currently -81.97%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Saga Communications in a research note on Thursday, January 22nd. Zacks Research upgraded shares of Saga Communications from a “strong sell” rating to a “hold” rating in a research note on Friday, January 9th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce”.

Insider Buying and Selling

In related news, major shareholder Edward K. Christian Trust sold 5,665 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $12.07, for a total transaction of $68,376.55. Following the completion of the transaction, the insider directly owned 881,044 shares in the company, valued at $10,634,201.08. This represents a 0.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 22.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Saga Communications

A number of hedge funds have recently made changes to their positions in the business. Empowered Funds LLC raised its stake in shares of Saga Communications by 5.8% in the 4th quarter. Empowered Funds LLC now owns 33,851 shares of the company’s stock valued at $386,000 after buying an additional 1,850 shares in the last quarter. LPL Financial LLC bought a new stake in shares of Saga Communications in the 4th quarter worth about $163,000. Geode Capital Management LLC grew its holdings in shares of Saga Communications by 3.3% in the 4th quarter. Geode Capital Management LLC now owns 59,371 shares of the company’s stock worth $678,000 after purchasing an additional 1,923 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Saga Communications by 30,720.0% in the 3rd quarter. Bank of America Corp DE now owns 16,951 shares of the company’s stock worth $211,000 after purchasing an additional 16,896 shares during the last quarter. Finally, Osaic Holdings Inc. grew its holdings in shares of Saga Communications by 256.7% in the 2nd quarter. Osaic Holdings Inc. now owns 3,984 shares of the company’s stock worth $52,000 after purchasing an additional 2,867 shares during the last quarter. Institutional investors and hedge funds own 74.28% of the company’s stock.

Saga Communications Company Profile

Saga Communications, Inc (NASDAQ: SGA) is an independent radio broadcasting company that owns and operates a portfolio of local radio stations across the United States. Headquartered in Grosse Pointe Farms, Michigan, the company focuses on full‐service radio properties offering a variety of formats, including music, news‐talk and sports programming. In addition to traditional over‐the‐air broadcasts, Saga leverages web streaming and mobile platforms to broaden listener reach and provide advertisers with multimedia opportunities.

Founded in 1985 by Edward J.