Gray Television, Inc. Announces Quarterly Dividend of $0.08 (NYSE:GTN)

Gray Television, Inc. (NYSE:GTNGet Rating) announced a quarterly dividend on Friday, August 5th, Zacks reports. Shareholders of record on Thursday, September 15th will be paid a dividend of 0.08 per share on Friday, September 30th. This represents a $0.32 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Wednesday, September 14th.

Gray Television has a dividend payout ratio of 11.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Gray Television to earn $3.47 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 9.2%.

Gray Television Price Performance

GTN stock opened at $19.44 on Friday. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 3.74. Gray Television has a 12 month low of $16.13 and a 12 month high of $25.24. The firm has a market cap of $1.85 billion, a P/E ratio of 30.38, a P/E/G ratio of 0.37 and a beta of 1.70. The company’s 50-day moving average price is $18.15 and its two-hundred day moving average price is $20.15.

Gray Television (NYSE:GTNGet Rating) last announced its quarterly earnings results on Friday, May 6th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.27. Gray Television had a net margin of 4.19% and a return on equity of 6.38%. The company had revenue of $827.00 million for the quarter, compared to analyst estimates of $805.23 million. During the same period in the previous year, the firm posted $0.27 EPS. The firm’s revenue was up 52.0% on a year-over-year basis. On average, analysts anticipate that Gray Television will post 5.27 earnings per share for the current fiscal year.

Insider Transactions at Gray Television

In other Gray Television news, CAO Jackson S. Iv Cowart sold 12,573 shares of the company’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $20.15, for a total transaction of $253,345.95. Following the sale, the chief accounting officer now directly owns 3,487 shares of the company’s stock, valued at $70,263.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Gray Television news, CAO Jackson S. Iv Cowart sold 12,573 shares of the stock in a transaction that occurred on Thursday, May 19th. The shares were sold at an average price of $20.15, for a total transaction of $253,345.95. Following the transaction, the chief accounting officer now directly owns 3,487 shares in the company, valued at $70,263.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO James C. Ryan sold 11,511 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $20.01, for a total transaction of $230,335.11. Following the completion of the transaction, the chief financial officer now owns 452,448 shares in the company, valued at approximately $9,053,484.48. The disclosure for this sale can be found here. Insiders sold a total of 24,373 shares of company stock worth $489,461 in the last quarter. 4.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gray Television

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Gray Television by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 4,646,405 shares of the company’s stock worth $102,546,000 after buying an additional 97,570 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Gray Television by 2.6% in the 1st quarter. Clearbridge Investments LLC now owns 3,328,715 shares of the company’s stock worth $73,465,000 after purchasing an additional 84,614 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Gray Television by 30.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,311,553 shares of the company’s stock worth $51,016,000 after purchasing an additional 533,361 shares in the last quarter. State Street Corp raised its holdings in shares of Gray Television by 1.9% during the 1st quarter. State Street Corp now owns 1,964,046 shares of the company’s stock worth $43,346,000 after acquiring an additional 36,463 shares in the last quarter. Finally, Baupost Group LLC MA purchased a new stake in Gray Television during the 1st quarter valued at $28,491,000. Hedge funds and other institutional investors own 75.11% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded shares of Gray Television from a “hold” rating to a “sell” rating in a research report on Tuesday, July 5th.

Gray Television Company Profile

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Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.

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Dividend History for Gray Television (NYSE:GTN)

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