Saga Communications, Inc. (NASDAQ:SGA) Short Interest Update

Saga Communications, Inc. (NASDAQ:SGA) was the target of a significant increase in short interest in 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. Approximately 0.3% of the company’s shares are sold short. Based on an average daily volume of 22,800 shares, the short-interest ratio is presently 0.6 days.

Insider Activity at Saga Communications

In other news, major shareholder Gate City Capital Management, purchased 240,609 shares of Saga Communications stock in a transaction dated Tuesday, December 31st. The shares were bought 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 directly owns 863,845 shares in the company, valued at $9,718,256.25. This trade represents a 38.61 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Edward K. Christian Trust sold 5,651 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $12.72, for a total transaction of $71,880.72. Following the completion of the sale, the insider now owns 945,000 shares of the company’s stock, valued at approximately $12,020,400. This represents a 0.59 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,400 shares of company stock worth $193,575. 21.90% of the stock is owned by insiders.

Institutional Trading of Saga Communications

A number of hedge funds and other institutional investors have recently made changes to their positions in SGA. Geode Capital Management LLC increased its stake in Saga Communications by 5.9% in the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock valued at $771,000 after buying an additional 2,986 shares during the last quarter. Krilogy Financial LLC bought a new stake in Saga Communications during the fourth quarter worth about $265,000. Empowered Funds LLC boosted its position in Saga Communications by 4.6% during the fourth quarter. Empowered Funds LLC now owns 28,637 shares of the company’s stock valued at $316,000 after purchasing an additional 1,247 shares during the last quarter. Peapod Lane Capital LLC bought a new position in Saga Communications in the fourth quarter valued at approximately $1,675,000. Finally, Aristides Capital LLC increased its position 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 purchasing an additional 1,310 shares during the last quarter. 74.28% of the stock is currently owned by institutional investors and hedge funds.

Saga Communications Stock Down 4.3 %

SGA traded down $0.55 during trading on Friday, hitting $12.19. The company had a trading volume of 4,283 shares, compared to its average volume of 17,329. The firm’s 50-day moving average price is $12.15 and its 200 day moving average price is $12.75. The company has a market capitalization of $76.32 million, a PE ratio of 16.93 and a beta of 0.27. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. Saga Communications has a one year low of $10.75 and a one year high of $23.56.

Saga Communications Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.20%. The ex-dividend date of this dividend was Tuesday, February 18th. Saga Communications’s dividend payout ratio (DPR) is currently 181.82%.

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.