Townsquare Media (NYSE:TSQ) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Townsquare Media (NYSE:TSQ) from a strong sell rating to a hold rating in a research note released on Thursday morning,Zacks.com reports.

A number of other equities research analysts also recently weighed in on the stock. Barrington Research reiterated an “outperform” rating and set a $10.00 price target on shares of Townsquare Media in a research note on Monday, May 11th. Weiss Ratings cut shares of Townsquare Media from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen cut shares of Townsquare Media from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Townsquare Media currently has an average rating of “Hold” and an average price target of $10.00.

Townsquare Media Stock Up 3.1%

Townsquare Media stock opened at $5.94 on Thursday. The business has a 50 day moving average price of $6.38 and a two-hundred day moving average price of $6.45. Townsquare Media has a 12 month low of $4.30 and a 12 month high of $7.97. The stock has a market cap of $108.29 million, a price-to-earnings ratio of -2.06 and a beta of 1.22.

Townsquare Media (NYSE:TSQ) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $114.00 million for the quarter, compared to analyst estimates of $114.74 million. Townsquare Media had a negative return on equity of 5.59% and a negative net margin of 11.82%. On average, analysts expect that Townsquare Media will post 0.34 earnings per share for the current fiscal year.

Townsquare Media Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Monday, October 26th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, October 26th. This represents a $0.80 annualized dividend and a yield of 13.5%. Townsquare Media’s payout ratio is currently -27.78%.

Insider Buying and Selling at Townsquare Media

In other Townsquare Media news, CAO Robert L. Worshek sold 34,299 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $6.62, for a total value of $227,059.38. Following the sale, the chief accounting officer directly owned 142,722 shares in the company, valued at $944,819.64. This represents a 19.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Bill Wilson sold 21,420 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $5.54, for a total value of $118,666.80. Following the transaction, the chief executive officer owned 2,979,061 shares of the company’s stock, valued at $16,503,997.94. This represents a 0.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 217,463 shares of company stock worth $1,282,160 over the last three months. Company insiders own 30.30% of the company’s stock.

Institutional Investors Weigh In On Townsquare Media

Hedge funds have recently made changes to their positions in the company. Ancora Advisors LLC bought a new position in Townsquare Media during the 2nd quarter valued at about $233,000. Gabelli Funds LLC grew its stake in Townsquare Media by 3.8% during the first quarter. Gabelli Funds LLC now owns 63,300 shares of the company’s stock worth $344,000 after buying an additional 2,300 shares during the last quarter. Gamco Investors INC. ET AL grew its stake in Townsquare Media by 3.3% during the first quarter. Gamco Investors INC. ET AL now owns 384,518 shares of the company’s stock worth $2,088,000 after buying an additional 12,300 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of Townsquare Media during the first quarter worth approximately $129,000. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Townsquare Media by 5.3% during the first quarter. Janney Montgomery Scott LLC now owns 45,847 shares of the company’s stock worth $249,000 after buying an additional 2,319 shares in the last quarter. Institutional investors and hedge funds own 71.69% of the company’s stock.

Townsquare Media Company Profile

Townsquare Media, Inc (NYSE: TSQ) is a diversified media and entertainment company that operates primarily in small and mid-sized markets across the United States. The company owns and manages over 300 local radio stations that deliver music, news, sports and community programming to listeners. In addition to its core broadcasting business, Townsquare Media provides digital marketing solutions and advertising services through its proprietary platforms and specialized agencies, helping local businesses connect with consumers via targeted online campaigns.

Founded in 2010 and headquartered in Purchase, New York, Townsquare Media has grown its footprint through strategic acquisitions and the development of a broad digital portfolio.