Short Interest in Saga Communications, Inc. (NASDAQ:SGA) Decreases By 67.8%

Saga Communications, Inc. (NASDAQ:SGA) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 4,227 shares, a decrease of 67.8% from the August 15th total of 13,144 shares. Approximately 0.1% of the company’s stock are short sold. Based on an average daily trading volume, of 16,004 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. grew its position in Saga Communications by 256.7% in the second quarter. Osaic Holdings Inc. now owns 3,984 shares of the company’s stock valued at $52,000 after purchasing an additional 2,867 shares in the last quarter. LPL Financial LLC bought a new stake in Saga Communications during the 4th quarter worth about $163,000. Bank of America Corp DE lifted its position in Saga Communications by 30,720.0% during the 3rd quarter. Bank of America Corp DE now owns 16,951 shares of the company’s stock worth $211,000 after buying an additional 16,896 shares in the last quarter. Marquette Asset Management LLC acquired a new position in shares of Saga Communications during the 2nd quarter worth about $257,000. Finally, Empowered Funds LLC boosted its stake in shares of Saga Communications by 6.2% during the 1st quarter. Empowered Funds LLC now owns 30,406 shares of the company’s stock worth $379,000 after buying an additional 1,769 shares during the last quarter. Institutional investors and hedge funds own 74.28% of the company’s stock.

Saga Communications Stock Up 2.6%

Shares of NASDAQ:SGA traded up $0.23 during mid-day trading on Friday, reaching $9.13. 6,683 shares of the stock were exchanged, compared to its average volume of 18,125. The stock’s 50 day simple moving average is $9.12 and its 200-day simple moving average is $10.08. Saga Communications has a one year low of $8.24 and a one year high of $13.19. The company has a market cap of $58.07 million, a P/E ratio of -6.62 and a beta of -0.11.

Saga Communications (NASDAQ:SGA) last released its earnings results on Thursday, August 13th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.33. Saga Communications had a positive return on equity of 3.87% and a negative net margin of 8.55%.The firm had revenue of $26.40 million for the quarter, compared to analysts’ expectations of $25.50 million.

Saga Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 16th. Stockholders of record on Wednesday, September 23rd will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.0%. The ex-dividend date of this dividend is Wednesday, September 23rd. Saga Communications’s payout ratio is currently -72.46%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d)” rating on shares of Saga Communications in a report on Monday, August 17th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Saga Communications Company Profile

Saga Communications, Inc (NASDAQ: SGA) is an independent radio broadcasting company that owns and operates a portfolio of local radio stations across the United States. Headquartered in Grosse Pointe Farms, Michigan, the company focuses on full‐service radio properties offering a variety of formats, including music, news‐talk and sports programming. In addition to traditional over‐the‐air broadcasts, Saga leverages web streaming and mobile platforms to broaden listener reach and provide advertisers with multimedia opportunities.

Founded in 1985 by Edward J.