Saga Communications (NASDAQ:SGA) Shares Down 0.6% – Here’s Why

Shares of Saga Communications, Inc. (NASDAQ:SGA) fell 0.6% on Wednesday . The company traded as low as $8.80 and last traded at $8.91. Approximately 10,284 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 19,058 shares. The stock had previously closed at $8.96.

Analyst Ratings Changes

SGA has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Saga Communications from a “sell (d+)” rating to a “sell (d)” rating in a research note on Wednesday, May 20th. Noble Financial downgraded Saga Communications from a “strong-buy” rating to a “market perform” rating in a research report on Monday, May 11th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce”.

Saga Communications Price Performance

The firm has a market capitalization of $57.30 million, a PE ratio of -6.67 and a beta of -0.10. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.81 and a current ratio of 2.81. The stock has a fifty day moving average price of $9.47 and a 200-day moving average price of $10.79.

Saga Communications Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 22nd were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 11.1%. Saga Communications’s payout ratio is -74.07%.

Institutional Investors Weigh In On Saga Communications

Large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in Saga Communications by 0.4% in the first quarter. Dimensional Fund Advisors LP now owns 350,655 shares of the company’s stock valued at $4,103,000 after buying an additional 1,393 shares in the last quarter. Geode Capital Management LLC boosted its stake in Saga Communications by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 59,371 shares of the company’s stock worth $678,000 after buying an additional 1,923 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Saga Communications by 6.3% in the first quarter. Empowered Funds LLC now owns 35,972 shares of the company’s stock valued at $421,000 after purchasing an additional 2,121 shares during the period. Marquette Asset Management LLC acquired a new stake in Saga Communications during the second quarter worth $257,000. Finally, Bank of America Corp DE increased its position in shares of 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 purchasing an additional 16,896 shares during the last quarter. Hedge funds and other institutional investors own 74.28% of the company’s stock.

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.