Saga Communications, Inc. (NASDAQ:SGA) Major Shareholder Gate City Capital Management, Purchases 240,609 Shares of Stock

Saga Communications, Inc. (NASDAQ:SGA) major shareholder Gate City Capital Management, acquired 240,609 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were bought at an average price of $11.25 per share, for a total transaction of $2,706,851.25. Following the purchase, the insider now owns 863,845 shares in the company, valued at approximately $9,718,256.25. This represents a 38.61 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Saga Communications Price Performance

NASDAQ:SGA opened at $11.55 on Thursday. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.03. The firm has a fifty day simple moving average of $12.31 and a 200 day simple moving average of $13.97. Saga Communications, Inc. has a 1-year low of $10.75 and a 1-year high of $24.70. The stock has a market capitalization of $72.31 million, a PE ratio of 16.04 and a beta of 0.26.

Saga Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, November 25th were paid 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 8.66%. Saga Communications’s dividend payout ratio is presently 138.89%.

Hedge Funds Weigh In On Saga Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of SGA. Dimensional Fund Advisors LP increased its holdings in shares of Saga Communications by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 361,325 shares of the company’s stock valued at $5,691,000 after purchasing an additional 4,015 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Saga Communications by 5.9% during the 2nd quarter. Renaissance Technologies LLC now owns 122,744 shares of the company’s stock worth $1,933,000 after buying an additional 6,800 shares during the period. Aristides Capital LLC grew its stake in Saga Communications by 12.7% in 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 during the last quarter. Marquette Asset Management LLC raised its holdings in Saga Communications by 4.2% in the 3rd quarter. Marquette Asset Management LLC now owns 22,111 shares of the company’s stock valued at $318,000 after acquiring an additional 894 shares during the period. Finally, Empowered Funds LLC lifted its position in Saga Communications by 5.1% during the third quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock worth $393,000 after acquiring an additional 1,340 shares during 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.