Gray Media Inc. Announces Quarterly Dividend of $0.08 (NYSE:GTN)

Gray Media Inc. (NYSE:GTN) declared a quarterly dividend on Friday, August 7th. Investors of record on Tuesday, September 15th will be paid a dividend of 0.08 per share on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 6.0%. The ex-dividend date is Tuesday, September 15th.

Gray Media has a dividend payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Gray Media to earn ($1.13) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -28.3%.

Gray Media Stock Performance

GTN stock traded up $1.06 during midday trading on Friday, hitting $5.34. 4,321,859 shares of the company traded hands, compared to its average volume of 1,381,301. Gray Media has a twelve month low of $3.50 and a twelve month high of $6.43. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.72. The business has a 50 day simple moving average of $3.98 and a 200-day simple moving average of $4.51. The stock has a market capitalization of $548.73 million, a price-to-earnings ratio of -3.49 and a beta of 0.94.

Gray Media (NYSE:GTN) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.29. The business had revenue of $839.00 million during the quarter, compared to analysts’ expectations of $795.13 million. Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. Gray Media’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.71) earnings per share. As a group, equities research analysts predict that Gray Media will post 1.85 earnings per share for the current year.

About Gray Media

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.