Entercom Communications Corporation (ETM) Position Raised by Wells Fargo & Company MN
Wells Fargo & Company MN increased its stake in shares of Entercom Communications Corporation (NYSE:ETM) by 24.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 26,811 shares of the company’s stock after buying an additional 5,262 shares during the period. Wells Fargo & Company MN owned 0.07% of Entercom Communications Corporation worth $348,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. American International Group Inc. boosted its position in Entercom Communications Corporation by 0.4% in the second quarter. American International Group Inc. now owns 14,942 shares of the company’s stock valued at $203,000 after buying an additional 66 shares during the period. Chicago Equity Partners LLC boosted its position in Entercom Communications Corporation by 0.5% in the third quarter. Chicago Equity Partners LLC now owns 25,910 shares of the company’s stock valued at $335,000 after buying an additional 130 shares during the period. Victory Capital Management Inc. boosted its position in Entercom Communications Corporation by 0.3% in the second quarter. Victory Capital Management Inc. now owns 87,645 shares of the company’s stock valued at $1,190,000 after buying an additional 295 shares during the period. ClariVest Asset Management LLC boosted its position in Entercom Communications Corporation by 0.3% in the second quarter. ClariVest Asset Management LLC now owns 216,114 shares of the company’s stock valued at $2,933,000 after buying an additional 700 shares during the period. Finally, Nationwide Fund Advisors boosted its position in Entercom Communications Corporation by 3.0% in the second quarter. Nationwide Fund Advisors now owns 24,975 shares of the company’s stock valued at $339,000 after buying an additional 723 shares during the period. Institutional investors and hedge funds own 44.30% of the company’s stock.
Entercom Communications Corporation (NYSE:ETM) traded up 2.03% on Friday, hitting $15.05. 73,281 shares of the stock traded hands. The stock has a 50-day moving average price of $15.44 and a 200 day moving average price of $14.12. The stock has a market cap of $611.18 million, a P/E ratio of 15.22 and a beta of 1.43. Entercom Communications Corporation has a 12-month low of $8.88 and a 12-month high of $16.45.
Entercom Communications Corporation (NYSE:ETM) last released its quarterly earnings data on Monday, November 7th. The company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company earned $120.50 million during the quarter, compared to the consensus estimate of $120.45 million. Entercom Communications Corporation had a net margin of 8.96% and a return on equity of 9.34%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the firm earned $0.25 EPS. On average, equities analysts expect that Entercom Communications Corporation will post $0.83 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Monday, November 28th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Wednesday, November 23rd. Entercom Communications Corporation’s payout ratio is 30.61%.
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Separately, Zacks Investment Research upgraded shares of Entercom Communications Corporation from a “hold” rating to a “strong-buy” rating and set a $18.00 price objective for the company in a report on Tuesday, January 3rd.
In other news, insider David J. Field sold 73,543 shares of the firm’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $15.24, for a total transaction of $1,120,795.32. Following the completion of the transaction, the insider now directly owns 1,871,069 shares of the company’s stock, valued at approximately $28,515,091.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Stephen F. Fisher sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 21st. The stock was sold at an average price of $15.16, for a total transaction of $151,600.00. Following the transaction, the vice president now directly owns 531,597 shares of the company’s stock, valued at $8,059,010.52. The disclosure for this sale can be found here. Insiders own 33.24% of the company’s stock.
Entercom Communications Corporation Company Profile
Entercom Communications Corp. is a radio broadcasting company. The Company has a portfolio of approximately 130 radio stations in over 30 markets across the United States. The Company operates through the radio broadcasting segment. The Company sells advertising time to local, regional and national advertisers and national network advertisers, engaged in purchasing spot commercials in varying lengths.
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