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

Saga Communications, Inc. (NASDAQ:SGA) saw a significant growth in short interest in July. As of July 15th, there was short interest totaling 12,811 shares, a growth of 128.1% from the June 30th total of 5,617 shares. Based on an average daily trading volume, of 11,041 shares, the short-interest ratio is currently 1.2 days. Currently, 0.3% of the shares of the company are short sold.

Saga Communications Price Performance

SGA traded up $0.05 on Tuesday, reaching $8.58. 1,094 shares of the company’s stock were exchanged, compared to its average volume of 12,413. The stock has a market cap of $54.60 million, a PE ratio of -6.36 and a beta of -0.10. The stock’s fifty day moving average price is $9.05 and its 200-day moving average price is $10.57. Saga Communications has a twelve month low of $8.24 and a twelve month high of $13.51. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.81 and a quick ratio of 2.81.

Saga Communications Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 22nd were issued a $0.25 dividend. The ex-dividend date was Friday, May 22nd. This represents a $1.00 dividend on an annualized basis and a yield of 11.7%. Saga Communications’s dividend payout ratio is currently -74.07%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Noble Financial downgraded Saga Communications from a “strong-buy” rating to a “market perform” rating in a research note on Monday, May 11th. Weiss Ratings cut shares of Saga Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce”.

Institutional Trading of Saga Communications

Several institutional investors have recently added to or reduced their stakes in SGA. Osaic Holdings Inc. increased its stake in Saga Communications by 256.7% during the second quarter. Osaic Holdings Inc. now owns 3,984 shares of the company’s stock worth $52,000 after purchasing an additional 2,867 shares during the period. LPL Financial LLC purchased a new position in Saga Communications in the fourth quarter worth approximately $163,000. Bank of America Corp DE grew its stake in shares of Saga Communications by 30,720.0% during the third quarter. Bank of America Corp DE now owns 16,951 shares of the company’s stock worth $211,000 after purchasing an additional 16,896 shares in the last quarter. Marquette Asset Management LLC purchased a new position in shares of Saga Communications in the 2nd quarter valued at about $257,000. Finally, Empowered Funds LLC increased its stake in Saga Communications by 6.2% in the first quarter. Empowered Funds LLC now owns 30,406 shares of the company’s stock valued at $379,000 after purchasing an additional 1,769 shares during the last quarter. Institutional investors and hedge funds own 74.28% of the company’s stock.

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.