Saga Communications, Inc. (NASDAQ:SGA) Major Shareholder Gate City Capital Management, Purchases 240,609 Shares

Saga Communications, Inc. (NASDAQ:SGA) major shareholder Gate City Capital Management, bought 240,609 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was acquired at an average cost of $11.25 per share, with a total value of $2,706,851.25. Following the transaction, the insider now owns 863,845 shares in the company, valued at $9,718,256.25. The trade was a 38.61 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Saga Communications Stock Performance

Shares of SGA stock opened at $11.55 on Friday. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.03. The company has a 50 day moving average price of $12.26 and a 200-day moving average price of $13.95. Saga Communications, Inc. has a 52 week low of $10.75 and a 52 week high of $24.70. The firm has a market capitalization of $72.31 million, a PE ratio of 16.04 and a beta of 0.26.

Saga Communications Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, November 25th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $1.00 dividend on an annualized basis and a yield of 8.66%. Saga Communications’s dividend payout ratio is presently 138.89%.

Hedge Funds Weigh In On Saga Communications

Institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC lifted its holdings in Saga Communications by 5.9% in the second quarter. Renaissance Technologies LLC now owns 122,744 shares of the company’s stock valued at $1,933,000 after acquiring an additional 6,800 shares during the period. Marquette Asset Management LLC grew its stake in shares of Saga Communications by 4.2% during the 3rd quarter. Marquette Asset Management LLC now owns 22,111 shares of the company’s stock valued at $318,000 after purchasing an additional 894 shares during the period. Empowered Funds LLC increased its position in shares of Saga Communications by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock valued at $393,000 after purchasing an additional 1,340 shares during the last quarter. Aristides Capital LLC lifted its stake in shares of Saga Communications by 12.7% in the 2nd quarter. Aristides Capital LLC now owns 10,850 shares of the company’s stock worth $171,000 after purchasing an additional 1,220 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Saga Communications by 1.1% in the second quarter. Dimensional Fund Advisors LP now owns 361,325 shares of the company’s stock worth $5,691,000 after buying an additional 4,015 shares during the last quarter. 74.28% of the stock is currently owned by hedge funds and other institutional investors.

Saga Communications Company Profile

Saga Communications, Inc, a media company, engages in acquiring, developing, and operating broadcast properties in the United States. The company's radio stations employ various programming formats, including classic hits, country, classic country, hot/soft/urban adult contemporary, oldies, classic rock, rock, and news/talk.