Saga Communications, Inc. (NASDAQ:SGA) Short Interest Up 113.6% in March

Saga Communications, Inc. (NASDAQ:SGA) was the target of a significant increase in short interest during the month of March. As of March 15th, there was short interest totalling 12,600 shares, an increase of 113.6% from the February 28th total of 5,900 shares. Based on an average daily trading volume, of 22,800 shares, the short-interest ratio is presently 0.6 days. Approximately 0.3% of the company’s stock are short sold.

Saga Communications Price Performance

SGA traded down $0.06 on Friday, reaching $12.49. The company had a trading volume of 8,464 shares, compared to its average volume of 17,076. The company has a market capitalization of $78.20 million, a P/E ratio of 17.35 and a beta of 0.27. 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 company has a fifty day moving average of $12.15 and a 200-day moving average of $12.78. Saga Communications has a one year low of $10.75 and a one year high of $23.56.

Saga Communications Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 18th were issued a $0.25 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.00 annualized dividend and a dividend yield of 8.01%. Saga Communications’s dividend payout ratio (DPR) is 181.82%.

Insider Buying and Selling

In other Saga Communications news, major shareholder Edward K. Christian Trust sold 2,326 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $12.10, for a total value of $28,144.60. Following the transaction, the insider now owns 962,280 shares of the company’s stock, valued at $11,643,588. This trade represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Gate City Capital Management, acquired 240,609 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was purchased at an average cost of $11.25 per share, for a total transaction of $2,706,851.25. Following the acquisition, the insider now owns 863,845 shares in the company, valued at approximately $9,718,256.25. This trade represents a 38.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 15,400 shares of company stock worth $193,575. Insiders own 21.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in shares of Saga Communications by 5.9% during the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock valued at $771,000 after purchasing an additional 2,986 shares in the last quarter. Krilogy Financial LLC bought a new position in shares of Saga Communications in the fourth quarter valued at $265,000. Empowered Funds LLC lifted its position in shares of Saga Communications by 4.6% during the 4th quarter. Empowered Funds LLC now owns 28,637 shares of the company’s stock valued at $316,000 after acquiring an additional 1,247 shares during the last quarter. Peapod Lane Capital LLC acquired a new stake in shares of Saga Communications during the 4th quarter valued at $1,675,000. Finally, Aristides Capital LLC boosted its stake in shares of Saga Communications by 12.1% during the 4th quarter. Aristides Capital LLC now owns 12,160 shares of the company’s stock worth $134,000 after acquiring an additional 1,310 shares in the last quarter. 74.28% of the stock is owned by institutional investors and hedge funds.

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.