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

Saga Communications, Inc. (NASDAQ:SGA) shares fell 0.6% on Tuesday . The stock traded as low as $8.88 and last traded at $8.95. Approximately 20,394 shares traded hands during trading, an increase of 17% from the average session volume of 17,479 shares. The stock had previously closed at $9.00.

Analyst Ratings Changes

A number of research firms have issued reports on SGA. Noble Financial cut shares of Saga Communications from a “strong-buy” rating to a “market perform” rating in a research report on Monday, May 11th. Weiss Ratings lowered shares of Saga Communications from a “sell (d+)” rating to a “sell (d)” rating in a report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce”.

Saga Communications Stock Down 3.1%

The company has a debt-to-equity ratio of 0.03, a current ratio of 2.81 and a quick ratio of 2.81. The stock has a market capitalization of $54.82 million, a PE ratio of -6.39 and a beta of -0.11. The company has a 50 day moving average price of $10.37 and a 200-day moving average price of $11.11.

Saga Communications Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 11.6%. Saga Communications’s payout ratio is -74.07%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Saga Communications by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 350,655 shares of the company’s stock valued at $4,103,000 after purchasing an additional 1,393 shares in the last quarter. Empowered Funds LLC raised 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 worth $379,000 after buying an additional 1,769 shares in the last quarter. Geode Capital Management LLC raised its stake in Saga Communications by 3.3% in 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 in the last quarter. Osaic Holdings Inc. lifted its holdings in Saga Communications by 256.7% in the second quarter. Osaic Holdings Inc. now owns 3,984 shares of the company’s stock worth $52,000 after buying an additional 2,867 shares during the period. Finally, LPL Financial LLC purchased a new stake in Saga Communications in the fourth quarter worth about $163,000. 74.28% of the stock is currently owned by institutional investors.

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.