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

Saga Communications, Inc. (NASDAQ:SGA) saw a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 12,600 shares, an increase of 113.6% from the February 28th total of 5,900 shares. Based on an average daily volume of 22,800 shares, the short-interest ratio is presently 0.6 days. Currently, 0.3% of the company’s stock are short sold.

Insiders Place Their Bets

In other news, major shareholder Edward K. Christian Trust sold 5,651 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $12.72, for a total transaction of $71,880.72. Following the completion of the transaction, the insider now directly owns 945,000 shares in the company, valued at $12,020,400. The trade was a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Gate City Capital Management, bought 240,609 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The shares were bought at an average price of $11.25 per share, with a total value of $2,706,851.25. Following the completion of the purchase, the insider now owns 863,845 shares in the company, valued at approximately $9,718,256.25. The trade was a 38.61 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 15,400 shares of company stock valued at $193,575 in the last three months. Insiders own 21.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SGA. Geode Capital Management LLC lifted its position in Saga Communications by 5.9% during the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock worth $771,000 after buying an additional 2,986 shares in the last quarter. Krilogy Financial LLC bought a new stake in shares of Saga Communications during the fourth quarter valued at approximately $265,000. Empowered Funds LLC grew its stake in shares of Saga Communications by 4.6% during the fourth quarter. Empowered Funds LLC now owns 28,637 shares of the company’s stock valued at $316,000 after purchasing an additional 1,247 shares during the last quarter. Peapod Lane Capital LLC acquired a new stake in shares of Saga Communications in the fourth quarter valued at approximately $1,675,000. Finally, Jane Street Group LLC bought a new position in Saga Communications in the 4th quarter worth approximately $115,000. 74.28% of the stock is owned by institutional investors and hedge funds.

Saga Communications Stock Performance

SGA stock traded down $0.06 during trading on Friday, reaching $12.49. 8,464 shares of the stock were exchanged, compared to its average volume of 17,076. The stock has a 50 day simple moving average of $12.15 and a 200-day simple moving average of $12.78. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $78.20 million, a P/E ratio of 17.35 and a beta of 0.27. Saga Communications has a twelve month low of $10.75 and a twelve month high of $23.56.

Saga Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 7th. Stockholders of record on Tuesday, February 18th were paid a $0.25 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.00 annualized dividend and a dividend yield of 8.01%. Saga Communications’s dividend payout ratio is presently 181.82%.

About Saga Communications

Saga Communications, Inc, a media company, engages in acquiring, developing, and operating broadcast properties in the United States. The company's radio stations employ various programming formats, including classic hits, country, classic country, hot/soft/urban adult contemporary, oldies, classic rock, rock, and news/talk.