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

Saga Communications, Inc. (NASDAQ:SGA) was the recipient of a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 20,600 shares, a growth of 237.7% from the January 15th total of 6,100 shares. Approximately 0.5% of the company’s stock are short sold. Based on an average daily trading volume, of 23,700 shares, the short-interest ratio is presently 0.9 days.

Insider Buying and Selling

In other Saga Communications news, major shareholder Edward K. Christian Trust sold 5,651 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $12.72, for a total value of $71,880.72. Following the sale, the insider now directly owns 945,000 shares in the company, valued at $12,020,400. This trade represents a 0.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Gate City Capital Management, acquired 240,609 shares of the stock in a transaction dated Tuesday, December 31st. The shares were acquired at an average cost of $11.25 per share, with a total value of $2,706,851.25. Following the completion of the transaction, 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 position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 10,943 shares of company stock worth $137,790. Company insiders own 21.90% of the company’s stock.

Hedge Funds Weigh In On Saga Communications

Several large investors have recently bought and sold shares of SGA. Empowered Funds LLC increased its holdings in shares of Saga Communications by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock valued at $393,000 after acquiring an additional 1,340 shares during the period. Geode Capital Management LLC grew its position in Saga Communications by 5.9% during the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock worth $771,000 after purchasing an additional 2,986 shares during the last quarter. Krilogy Financial LLC acquired a new position in Saga Communications in the fourth quarter valued at $265,000. Peapod Lane Capital LLC purchased a new stake in shares of Saga Communications in the fourth quarter valued at about $1,675,000. Finally, Aristides Capital LLC boosted its stake in shares of Saga Communications by 12.1% during the fourth quarter. Aristides Capital LLC now owns 12,160 shares of the company’s stock worth $134,000 after buying an additional 1,310 shares during the period. Institutional investors and hedge funds own 74.28% of the company’s stock.

Saga Communications Stock Up 1.0 %

Shares of NASDAQ:SGA traded up $0.13 during trading on Thursday, hitting $12.53. 6,319 shares of the company were exchanged, compared to its average volume of 15,704. The firm’s 50 day moving average price is $11.98 and its 200-day moving average price is $13.45. Saga Communications has a 12-month low of $10.75 and a 12-month high of $24.70. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.64. The stock has a market capitalization of $78.44 million, a P/E ratio of 17.40 and a beta of 0.27.

Saga Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Investors of record on Tuesday, February 18th will be given a $0.25 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $1.00 dividend on an annualized basis and a yield of 7.98%. Saga Communications’s dividend payout ratio (DPR) is presently 138.89%.

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.