Insider Buying: Saga Communications, Inc. (NASDAQ:SGA) Major Shareholder Acquires 240,609 Shares of Stock

Saga Communications, Inc. (NASDAQ:SGA) major shareholder Gate City Capital Management, bought 240,609 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was bought at an average price of $11.25 per share, with a total value of $2,706,851.25. Following the transaction, the insider now directly owns 863,845 shares in the company, valued at $9,718,256.25. This represents a 38.61 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Saga Communications Trading Down 0.4 %

Shares of NASDAQ:SGA opened at $11.50 on Friday. The company has a 50 day moving average of $12.21 and a 200-day moving average of $13.92. 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 firm has a market cap of $72.00 million, a P/E ratio of 15.97 and a beta of 0.26. Saga Communications, Inc. has a twelve month low of $10.75 and a twelve month high of $24.70.

Saga Communications Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Monday, November 25th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 8.70%. The ex-dividend date of this dividend was Monday, November 25th. Saga Communications’s payout ratio is currently 138.89%.

Hedge Funds Weigh In On Saga Communications

Hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in shares of Saga Communications by 1.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 361,325 shares of the company’s stock worth $5,691,000 after purchasing an additional 4,015 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Saga Communications by 5.9% in the second quarter. Renaissance Technologies LLC now owns 122,744 shares of the company’s stock valued at $1,933,000 after buying an additional 6,800 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Saga Communications by 5.9% during the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock valued at $771,000 after acquiring an additional 2,986 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of Saga Communications by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock worth $393,000 after acquiring an additional 1,340 shares in the last quarter. Finally, Marquette Asset Management LLC grew its holdings in shares of Saga Communications by 4.2% in the 3rd quarter. Marquette Asset Management LLC now owns 22,111 shares of the company’s stock worth $318,000 after acquiring an additional 894 shares during the last quarter. 74.28% of the stock is currently owned by institutional investors and hedge funds.

Saga Communications Company Profile

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.