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

Gray Media Inc. (NYSE:GTN) declared a quarterly dividend on Wednesday, February 25th. Stockholders of record on Friday, March 13th will be given a dividend of 0.08 per share on Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 5.5%. The ex-dividend date is Friday, March 13th.

Gray Media has a payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Gray Media to earn ($0.28) 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 -114.3%.

Gray Media Stock Performance

GTN opened at $5.80 on Friday. The firm has a market capitalization of $591.70 million, a PE ratio of 14.14 and a beta of 0.89. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.93 and a current ratio of 0.93. Gray Media has a 52-week low of $3.13 and a 52-week high of $6.30. The business’s 50-day simple moving average is $4.65 and its 200 day simple moving average is $5.05.

Gray Media (NYSE:GTN) last issued its earnings results on Thursday, February 26th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The business had revenue of $792.00 million for the quarter, compared to the consensus estimate of $780.50 million. Gray Media had a net margin of 2.81% and a return on equity of 5.50%. The firm’s revenue for the quarter was down 24.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.59 earnings per share. As a group, sell-side analysts expect that Gray Media will post 3.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company boosted their target price on shares of Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a research report on Monday, November 10th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Zacks Research upgraded shares of Gray Media from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 28th. Wall Street Zen cut shares of Gray Media from a “hold” rating to a “sell” rating in a report on Saturday, January 31st. Finally, Benchmark boosted their price target on Gray Media from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.25.

Gray Media Company Profile

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.