Short Interest in Saga Communications, Inc. (NASDAQ:SGA) Rises By 23.7%

Saga Communications, Inc. (NASDAQ:SGA) saw a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 8,496 shares, a growth of 23.7% from the January 29th total of 6,871 shares. Approximately 0.2% of the shares of the stock are sold short. Based on an average daily volume of 7,769 shares, the days-to-cover ratio is presently 1.1 days. Based on an average daily volume of 7,769 shares, the days-to-cover ratio is presently 1.1 days. Approximately 0.2% of the shares of the stock are sold short.

Saga Communications Price Performance

NASDAQ SGA opened at $11.56 on Thursday. The business has a fifty day moving average price of $11.43 and a 200 day moving average price of $11.93. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.74 and a current ratio of 2.74. The company has a market cap of $74.45 million, a P/E ratio of 231.20 and a beta of -0.02. Saga Communications has a one year low of $10.68 and a one year high of $14.27.

Saga Communications Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Thursday, February 26th will be issued a $0.25 dividend. The ex-dividend date is Thursday, February 26th. This represents a $1.00 dividend on an annualized basis and a yield of 8.7%. Saga Communications’s dividend payout ratio is presently 2,000.00%.

Insiders Place Their Bets

In other Saga Communications news, major shareholder Edward K. Christian Trust sold 5,665 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $12.07, for a total value of $68,376.55. Following the sale, the insider directly owned 881,044 shares of the company’s stock, valued at approximately $10,634,201.08. This trade represents a 0.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 22.40% of the company’s stock.

Institutional Investors Weigh In On Saga Communications

A number of large investors have recently made changes to their positions in SGA. Osaic Holdings Inc. increased its holdings in shares of 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 during the last quarter. LPL Financial LLC acquired a new stake in shares of Saga Communications in the 4th quarter worth $163,000. Bank of America Corp DE increased its stake in shares of Saga Communications by 30,720.0% in the 3rd quarter. Bank of America Corp DE now owns 16,951 shares of the company’s stock worth $211,000 after acquiring an additional 16,896 shares during the last quarter. Empowered Funds LLC raised its holdings 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 acquiring an additional 1,769 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Saga Communications by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 59,371 shares of the company’s stock valued at $678,000 after acquiring an additional 1,923 shares during the last quarter. 74.28% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SGA shares. Zacks Research upgraded Saga Communications from a “strong sell” rating to a “hold” rating in a research report on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Saga Communications in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Saga Communications presently has a consensus 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.