Gray Media Inc. Declares Quarterly Dividend of $0.08 (NYSE:GTN)

Gray Media Inc. (NYSE:GTN) declared a quarterly dividend on Thursday, February 26th. Shareholders of record on Friday, March 13th will be given a dividend of 0.08 per share on Tuesday, March 31st. This represents a c) dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Friday, March 13th.

Gray Media has a payout ratio of 12.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Gray Media to earn ($0.28) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -114.3%.

Gray Media Price Performance

Shares of NYSE:GTN traded up $1.15 during trading on Thursday, reaching $5.90. 3,527,333 shares of the company traded hands, compared to its average volume of 1,304,095. The firm has a market capitalization of $602.33 million, a PE ratio of 14.39 and a beta of 0.89. Gray Media has a 52 week low of $3.13 and a 52 week high of $6.30. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 2.60. The company’s 50 day moving average is $4.65 and its two-hundred day moving average is $5.05.

Gray Media (NYSE:GTN) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. Gray Media had a return on equity of 5.50% and a net margin of 2.81%.The company had revenue of $792.00 million for the quarter, compared to analysts’ expectations of $780.50 million. During the same quarter last year, the business earned $1.59 earnings per share. Gray Media’s revenue was down 24.2% on a year-over-year basis. As a group, sell-side analysts predict that Gray Media will post 3.32 earnings per share for the current year.

About Gray Media

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.