Alliancebernstein L.P. Buys 10,900 Shares of Entercom Communications Corporation (ETM)
Alliancebernstein L.P. lifted its stake in Entercom Communications Corporation (NYSE:ETM) by 63.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,200 shares of the company’s stock after buying an additional 10,900 shares during the period. Alliancebernstein L.P. owned about 0.08% of Entercom Communications Corporation worth $292,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of ETM. American International Group Inc. raised its holdings in shares of Entercom Communications Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 15,990 shares of the company’s stock worth $229,000 after buying an additional 1,065 shares in the last quarter. Teachers Advisors LLC grew its position in Entercom Communications Corporation by 2.9% during the 1st quarter. Teachers Advisors LLC now owns 60,887 shares of the company’s stock worth $871,000 after acquiring an additional 1,744 shares during the last quarter. Vanguard Group Inc. grew its position in Entercom Communications Corporation by 11.9% during the 1st quarter. Vanguard Group Inc. now owns 1,023,475 shares of the company’s stock worth $14,636,000 after acquiring an additional 108,488 shares during the last quarter. Geode Capital Management LLC grew its position in Entercom Communications Corporation by 12.9% during the 1st quarter. Geode Capital Management LLC now owns 185,198 shares of the company’s stock worth $2,648,000 after acquiring an additional 21,207 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Entercom Communications Corporation by 13.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,856,433 shares of the company’s stock worth $26,546,000 after acquiring an additional 218,213 shares during the last quarter. 55.53% of the stock is owned by institutional investors and hedge funds.
Shares of Entercom Communications Corporation (NYSE:ETM) opened at $10.70 on Friday. The company has a market capitalization of $441.91, a P/E ratio of 13.40, a P/E/G ratio of 11.79 and a beta of 1.09. Entercom Communications Corporation has a 12-month low of $9.45 and a 12-month high of $16.55. The company has a current ratio of 2.21, a quick ratio of 1.88 and a debt-to-equity ratio of 1.23.
Entercom Communications Corporation (NYSE:ETM) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.24 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.02. The business had revenue of $122.30 million for the quarter, compared to analyst estimates of $120.76 million. Entercom Communications Corporation had a return on equity of 8.67% and a net margin of 2.69%. Entercom Communications Corporation’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 EPS. analysts anticipate that Entercom Communications Corporation will post 0.46 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Tuesday, November 28th will be given a dividend of $0.09 per share. The ex-dividend date is Monday, November 27th. This represents a $0.36 dividend on an annualized basis and a yield of 3.36%. Entercom Communications Corporation’s dividend payout ratio (DPR) is presently 115.38%.
Entercom Communications Corporation declared that its Board of Directors has approved a share buyback plan on Thursday, November 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 22.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
ETM has been the topic of a number of research analyst reports. Noble Financial restated a “buy” rating on shares of Entercom Communications Corporation in a research report on Monday, July 31st. BidaskClub upgraded Entercom Communications Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th.
Entercom Communications Corporation Company Profile
Entercom Communications Corp. is a radio broadcasting company. The Company sells advertising time to local, regional and national advertisers and national network advertisers, purchasing spot commercials in varying lengths. It focuses on station-related digital platforms, which allow for audience interaction and participation, and integrated local digital marketing solutions and station events.
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