Saga Communications, Inc. (NASDAQ:SGA) Sees Significant Growth in Short Interest

Saga Communications, Inc. (NASDAQ:SGA) saw a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 13,850 shares, a growth of 44.7% from the February 26th total of 9,569 shares. Based on an average daily trading volume, of 7,803 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.3% of the company’s shares are short sold.

Insider Activity

In related news, major shareholder Edward K. Christian Trust sold 5,665 shares of the stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $12.07, for a total value of $68,376.55. Following the completion of the transaction, the insider directly owned 881,044 shares of the company’s stock, valued at $10,634,201.08. This represents a 0.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 22.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Saga Communications

Several large investors have recently modified their holdings of SGA. Osaic Holdings Inc. grew its position in Saga Communications by 256.7% during the 2nd 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 purchased a new position in Saga Communications in the fourth quarter worth about $163,000. Bank of America Corp DE lifted its stake in shares of Saga Communications by 30,720.0% in the third 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. Empowered Funds LLC grew its holdings in shares of Saga Communications by 6.2% during the first quarter. Empowered Funds LLC now owns 30,406 shares of the company’s stock valued at $379,000 after buying an additional 1,769 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Saga Communications by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 59,371 shares of the company’s stock valued at $678,000 after buying an additional 1,923 shares during the last quarter. Hedge funds and other institutional investors own 74.28% of the company’s stock.

Saga Communications Stock Down 0.2%

NASDAQ SGA traded down $0.02 during trading hours on Monday, reaching $11.95. 1,707 shares of the company’s stock traded hands, compared to its average volume of 10,143. Saga Communications has a 52-week low of $10.68 and a 52-week high of $14.27. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.74 and a quick ratio of 2.74. The firm has a 50-day simple moving average of $11.50 and a 200 day simple moving average of $11.81. The firm has a market cap of $76.96 million, a PE ratio of -9.80 and a beta of -0.02.

Saga Communications (NASDAQ:SGA) last announced its earnings results on Thursday, March 12th. The company reported $1.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $1.23. Saga Communications had a negative net margin of 7.37% and a positive return on equity of 4.43%. The business had revenue of $26.51 million during the quarter, compared to the consensus estimate of $27.70 million. Sell-side analysts anticipate that Saga Communications will post 0.23 EPS for the current fiscal year.

Saga Communications Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Thursday, February 26th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.4%. The ex-dividend date of this dividend was Thursday, February 26th. Saga Communications’s dividend payout ratio is currently -81.97%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Weiss Ratings reiterated a “sell (d+)” rating on shares of Saga Communications in a report on Thursday, January 22nd. Zacks Research upgraded Saga Communications from a “strong sell” rating to a “hold” rating in a research report on Friday, January 9th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Saga Communications currently 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.