Saga Communications, Inc. (NASDAQ:SGA) Short Interest Up 113.6% in March

Saga Communications, Inc. (NASDAQ:SGA) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 12,600 shares, a growth of 113.6% from the February 28th total of 5,900 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average daily trading volume, of 22,800 shares, the days-to-cover ratio is presently 0.6 days.

Insider Activity

In related news, major shareholder Gate City Capital Management, purchased 240,609 shares of the stock in a transaction on Tuesday, December 31st. The shares were purchased at an average price of $11.25 per share, with a total value of $2,706,851.25. Following the transaction, the insider now directly owns 863,845 shares of the company’s stock, valued at $9,718,256.25. This trade represents a 38.61 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Edward K. Christian Trust sold 5,000 shares of the firm’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $12.56, for a total transaction of $62,800.00. Following the completion of the transaction, the insider now directly owns 938,250 shares of the company’s stock, valued at $11,784,420. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,400 shares of company stock worth $193,575 over the last quarter. 21.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Saga Communications

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

Saga Communications Stock Performance

Saga Communications stock traded down $0.55 during trading hours on Friday, hitting $12.19. The company had a trading volume of 4,283 shares, compared to its average volume of 17,329. Saga Communications has a one year low of $10.75 and a one year high of $23.56. The firm has a market cap of $76.32 million, a PE ratio of 16.93 and a beta of 0.27. The firm has a 50-day moving average of $12.15 and a 200 day moving average of $12.76. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.64 and a quick ratio of 2.64.

Saga Communications Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Tuesday, February 18th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 8.20%. The ex-dividend date of this dividend was Tuesday, February 18th. Saga Communications’s payout ratio is 181.82%.

Saga Communications Company Profile

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.