Gate City Capital Management, Purchases 240,609 Shares of Saga Communications, Inc. (NASDAQ:SGA) Stock

Saga Communications, Inc. (NASDAQ:SGA) major shareholder Gate City Capital Management, purchased 240,609 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was acquired at an average price of $11.25 per share, with a total value of $2,706,851.25. Following the completion of the purchase, the insider now owns 863,845 shares in the company, valued at $9,718,256.25. This represents a 38.61 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Saga Communications Price Performance

Shares of SGA opened at $11.55 on Friday. The firm’s 50-day simple moving average is $12.26 and its two-hundred day simple moving average is $13.95. Saga Communications, Inc. has a fifty-two week low of $10.75 and a fifty-two week high of $24.70. The stock has a market cap of $72.31 million, a PE ratio of 16.04 and a beta of 0.26. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.64 and a current ratio of 2.64.

Saga Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, November 25th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.66%. The ex-dividend date was Monday, November 25th. Saga Communications’s dividend payout ratio (DPR) is presently 138.89%.

Institutional Investors Weigh In On Saga Communications

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in shares of Saga Communications by 5.9% in the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock worth $771,000 after purchasing an additional 2,986 shares during the last quarter. Empowered Funds LLC increased its stake in Saga Communications by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock valued at $393,000 after purchasing an additional 1,340 shares in the last quarter. Marquette Asset Management LLC raised its holdings in Saga Communications by 4.2% in the third quarter. Marquette Asset Management LLC now owns 22,111 shares of the company’s stock worth $318,000 after buying an additional 894 shares during the last quarter. Aristides Capital LLC lifted its stake in shares of Saga Communications by 12.7% in the second quarter. Aristides Capital LLC now owns 10,850 shares of the company’s stock worth $171,000 after buying an additional 1,220 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Saga Communications by 5.9% during the second quarter. Renaissance Technologies LLC now owns 122,744 shares of the company’s stock valued at $1,933,000 after buying an additional 6,800 shares during the last quarter. 74.28% of the stock is owned by institutional investors.

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.