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

Saga Communications, Inc. (NASDAQ:SGA) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 9,979 shares, a growth of 136.1% from the August 31st total of 4,227 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average trading volume of 13,634 shares, the days-to-cover ratio is presently 0.7 days.

Saga Communications Price Performance

Shares of SGA opened at $8.23 on Tuesday. Saga Communications has a 1 year low of $8.24 and a 1 year high of $13.19. The stock’s fifty day moving average price is $9.07 and its two-hundred day moving average price is $9.84. The firm has a market cap of $52.32 million, a PE ratio of -6.02 and a beta of -0.11.

Saga Communications (NASDAQ:SGA) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.33. Saga Communications had a positive return on equity of 3.87% and a negative net margin of 8.55%.The company had revenue of $26.40 million during the quarter, compared to the consensus estimate of $25.50 million.

Saga Communications Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Wednesday, September 23rd will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 12.2%. The ex-dividend date is Wednesday, September 23rd. Saga Communications’s dividend payout ratio (DPR) is currently -72.46%.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Saga Communications in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Reduce”.

Institutional Trading of Saga Communications

Several hedge funds and other institutional investors have recently modified their holdings of the business. Dimensional Fund Advisors LP boosted its holdings in Saga Communications by 0.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 350,655 shares of the company’s stock worth $4,103,000 after buying an additional 1,393 shares during the period. Empowered Funds LLC raised its holdings in Saga Communications by 6.3% during the 1st quarter. Empowered Funds LLC now owns 35,972 shares of the company’s stock valued at $421,000 after acquiring an additional 2,121 shares during the period. Finally, Marquette Asset Management LLC bought a new stake in Saga Communications during the 2nd quarter valued at $257,000. Institutional investors own 74.28% of the company’s stock.

Saga Communications Company Profile

Saga Communications, Inc is a radio broadcasting company that owns and operates radio stations in markets across the United States. Its stations provide locally focused programming, including news, talk, sports, and music formats, and generate revenue primarily through the sale of advertising and related promotional services.

In addition to traditional AM and FM broadcasting, Saga’s operations include digital media and other services intended to help advertisers reach local audiences across multiple platforms.