Gray Media Inc. (NYSE:GTN) Shares Set to Pay Quarterly Dividend of $0.08

Gray Media Inc. (NYSE:GTN) announced a quarterly dividend on Friday, November 6th. Shareholders of record on Tuesday, December 15th will be paid a dividend of $0.08 per share on Thursday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 6.5%. The ex-dividend date is Tuesday, December 15th.

Gray Media has a dividend payout ratio of 12.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Gray Media to earn ($0.73) 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 -43.8%.

Gray Media Stock Up 0.3%

Shares of GTN traded up $0.01 during midday trading on Friday, reaching $4.89. The stock had a trading volume of 1,537,795 shares, compared to its average volume of 1,262,290. Gray Media has a 1-year low of $3.55 and a 1-year high of $6.43. The company’s fifty day simple moving average is $4.65 and its two-hundred day simple moving average is $4.59. The company has a market cap of $504.09 million, a price-to-earnings ratio of -8.02, a PEG ratio of 0.10 and a beta of 1.01. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.95 and a quick ratio of 0.95.

Gray Media (NYSE:GTN) last released its quarterly earnings data on Friday, November 6th. The company reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.20). The firm had revenue of $972.00 million for the quarter, compared to analysts’ expectations of $955.75 million. Gray Media had a negative return on equity of 1.12% and a negative net margin of 0.83%. Gray Media’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same period last year, the firm posted ($0.24) earnings per share. Equities research analysts expect that Gray Media will post 2.35 earnings per share for the current year.

About Gray Media

Gray Media, formerly known as Gray Television, is a multimedia company that owns and operates local television stations and related digital media properties in markets across the United States. Its stations provide local news, weather, sports, public affairs and entertainment programming, while also distributing content through websites, mobile platforms and other digital channels.

The company’s broadcast portfolio includes affiliates of major networks such as ABC, CBS, NBC, FOX and The CW, as well as independent and specialty stations.