Saga Communications, Inc. (NASDAQ:SGA) Sees Large Increase in Short Interest

Saga Communications, Inc. (NASDAQ:SGA) was the recipient of a significant 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. Based on an average trading volume of 7,769 shares, the short-interest ratio is currently 1.1 days. Approximately 0.2% of the shares of the stock are sold short. Approximately 0.2% of the shares of the stock are sold short. Based on an average trading volume of 7,769 shares, the short-interest ratio is currently 1.1 days.

Insider Activity at Saga Communications

In other 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 owned 881,044 shares in the company, valued at $10,634,201.08. This trade represents a 0.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 21.90% of the company’s stock.

Institutional Trading of Saga Communications

A number of hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC raised its position in Saga Communications by 5.8% in the fourth quarter. Empowered Funds LLC now owns 33,851 shares of the company’s stock valued at $386,000 after purchasing an additional 1,850 shares during the period. LPL Financial LLC acquired a new stake in shares of Saga Communications in the fourth quarter valued at about $163,000. Geode Capital Management LLC raised its holdings 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 buying an additional 1,923 shares during the period. Bank of America Corp DE lifted its position in Saga Communications by 30,720.0% during 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 in the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in Saga Communications by 256.7% in the 2nd quarter. Osaic Holdings Inc. now owns 3,984 shares of the company’s stock worth $52,000 after acquiring an additional 2,867 shares during the period. 74.28% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Saga Communications Trading Down 0.3%

Shares of Saga Communications stock traded down $0.04 during mid-day trading on Wednesday, hitting $11.52. 214 shares of the stock were exchanged, compared to its average volume of 10,541. The company has a 50-day simple moving average of $11.43 and a 200 day simple moving average of $11.93. The company has a current ratio of 2.74, a quick ratio of 2.74 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $74.19 million, a price-to-earnings ratio of 230.40 and a beta of -0.02. Saga Communications has a twelve month low of $10.68 and a twelve month high of $14.27.

Saga Communications Announces Dividend

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

About Saga Communications

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.