Suntrust Banks Inc. bought a new stake in Entercom Communications Corp. (NYSE:ETM) during the fourth quarter, Holdings Channel reports. The institutional investor bought 32,072 shares of the company’s stock, valued at approximately $345,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETM. Wells Fargo & Company MN boosted its stake in Entercom Communications by 25.5% in the second quarter. Wells Fargo & Company MN now owns 50,606 shares of the company’s stock valued at $523,000 after acquiring an additional 10,281 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Entercom Communications by 63.0% in the second quarter. Alliancebernstein L.P. now owns 28,200 shares of the company’s stock valued at $292,000 after acquiring an additional 10,900 shares during the last quarter. Vanguard Group Inc. boosted its stake in Entercom Communications by 4.6% in the second quarter. Vanguard Group Inc. now owns 1,070,924 shares of the company’s stock valued at $11,083,000 after acquiring an additional 47,449 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Entercom Communications by 7.9% in the second quarter. Parametric Portfolio Associates LLC now owns 27,395 shares of the company’s stock valued at $284,000 after acquiring an additional 2,017 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in Entercom Communications by 14.0% in the second quarter. Voya Investment Management LLC now owns 19,392 shares of the company’s stock valued at $201,000 after acquiring an additional 2,383 shares during the last quarter.
A number of brokerages recently commented on ETM. ValuEngine cut shares of Entercom Communications from a “hold” rating to a “sell” rating in a research note on Saturday. Zacks Investment Research cut shares of Entercom Communications from a “buy” rating to a “hold” rating in a research note on Friday. Finally, Noble Financial restated a “buy” rating on shares of Entercom Communications in a research note on Monday, November 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.00.
Entercom Communications (NYSE:ETM) last announced its quarterly earnings results on Thursday, March 8th. The company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.28 by ($0.12). The business had revenue of $246.61 million for the quarter, compared to analysts’ expectations of $276.82 million. Entercom Communications had a net margin of 39.55% and a return on equity of 0.15%. The business’s quarterly revenue was up 98.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 earnings per share. research analysts predict that Entercom Communications Corp. will post 1.13 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 28th. Investors of record on Wednesday, March 14th will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date of this dividend is Tuesday, March 13th. Entercom Communications’s payout ratio is currently 13.95%.
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About Entercom Communications
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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