Saga Communications, Inc. (NASDAQ:SGA) Short Interest Down 60.7% in February

Saga Communications, Inc. (NASDAQ:SGA) was the target of a large decline in short interest in February. As of February 15th, there was short interest totalling 8,100 shares, a decline of 60.7% from the January 31st total of 20,600 shares. Based on an average trading volume of 23,500 shares, the days-to-cover ratio is presently 0.3 days. Approximately 0.2% of the shares of the stock are short sold.

Saga Communications Trading Down 2.8 %

Shares of Saga Communications stock opened at $11.31 on Friday. Saga Communications has a 1 year low of $10.75 and a 1 year high of $24.67. The business has a fifty day simple moving average of $11.98 and a two-hundred day simple moving average of $13.20. 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 company has a market capitalization of $70.81 million, a price-to-earnings ratio of 15.71 and a beta of 0.27.

Saga Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Tuesday, February 18th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.00 annualized dividend and a yield of 8.84%. Saga Communications’s dividend payout ratio is presently 138.89%.

Insider Transactions at Saga Communications

In related news, major shareholder Edward K. Christian Trust sold 2,326 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $12.10, for a total transaction of $28,144.60. Following the completion of the transaction, the insider now directly owns 962,280 shares in the company, valued at approximately $11,643,588. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Gate City Capital Management, purchased 240,609 shares of the stock in a transaction on Tuesday, December 31st. The stock was acquired at an average price of $11.25 per share, for a total transaction of $2,706,851.25. Following the completion of the purchase, the insider now directly owns 863,845 shares in the company, valued at approximately $9,718,256.25. The trade was a 38.61 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 15,943 shares of company stock valued at $200,590 in the last three months. 21.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Gate City Capital Management LLC grew its holdings in shares of Saga Communications by 94.5% during the fourth quarter. Gate City Capital Management LLC now owns 863,845 shares of the company’s stock worth $9,528,000 after purchasing an additional 419,714 shares during the last quarter. Bridgeway Capital Management LLC boosted its position in shares of Saga Communications by 1.1% during the 4th quarter. Bridgeway Capital Management LLC now owns 78,053 shares of the company’s stock worth $861,000 after purchasing an additional 847 shares in the last quarter. Jane Street Group LLC acquired a new stake in Saga Communications in the 4th quarter valued at $115,000. Northern Trust Corp grew its holdings in shares of Saga Communications by 10.4% during the fourth quarter. Northern Trust Corp now owns 13,874 shares of the company’s stock valued at $153,000 after buying an additional 1,306 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Saga Communications by 0.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 354,831 shares of the company’s stock worth $3,914,000 after buying an additional 1,770 shares in the last quarter. 74.28% of the stock is currently 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.