Gray Media Inc. (GTN) to Issue Quarterly Dividend of $0.08 on June 30th

Gray Media Inc. (NYSE:GTN) declared a quarterly dividend on Wednesday, May 6th. Investors of record on Monday, June 15th will be given a dividend of 0.08 per share on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 8.1%. The ex-dividend date is Monday, June 15th.

Gray Media has a payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Gray Media to earn ($1.11) 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 -28.8%.

Gray Media Stock Down 3.2%

GTN opened at $3.93 on Friday. The business’s fifty day simple moving average is $4.72 and its 200 day simple moving average is $4.75. Gray Media has a 52 week low of $3.50 and a 52 week high of $6.43. The stock has a market cap of $403.67 million, a PE ratio of -2.57 and a beta of 0.94. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 2.72.

Gray Media (NYSE:GTN) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02). Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.07%. The company had revenue of $768.00 million for the quarter, compared to the consensus estimate of $768.05 million. During the same period last year, the business posted ($0.23) earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, research analysts expect that Gray Media will post 1.8 earnings per share for the current fiscal 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.