Gate City Capital Management, Purchases 240,609 Shares of Saga Communications, Inc. (NASDAQ:SGA) Stock

Saga Communications, Inc. (NASDAQ:SGA) major shareholder Gate City Capital Management, bought 240,609 shares of Saga Communications stock in a transaction dated Tuesday, December 31st. The shares were acquired 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 directly owns 863,845 shares in the company, valued at $9,718,256.25. This trade represents a 38.61 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Saga Communications Stock Performance

Shares of NASDAQ:SGA traded up $0.25 during trading on Wednesday, reaching $11.90. 24,928 shares of the stock were exchanged, compared to its average volume of 25,718. Saga Communications, Inc. has a 12 month low of $10.75 and a 12 month high of $24.70. The stock has a 50-day moving average price of $12.36 and a 200-day moving average price of $13.99. 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 $74.51 million, a PE ratio of 16.53 and a beta of 0.26.

Saga Communications Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Monday, November 25th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 8.40%. The ex-dividend date was Monday, November 25th. Saga Communications’s dividend payout ratio is currently 138.89%.

Hedge Funds Weigh In On Saga Communications

Several institutional investors and hedge funds have recently modified their holdings of the business. Geode Capital Management LLC boosted its holdings in Saga Communications by 5.9% in the 3rd quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock valued at $771,000 after purchasing an additional 2,986 shares during the period. Empowered Funds LLC raised its position in shares of Saga Communications by 5.1% in the third quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock valued at $393,000 after buying an additional 1,340 shares in the last quarter. Marquette Asset Management LLC raised its position in shares of Saga Communications by 4.2% in the third quarter. Marquette Asset Management LLC now owns 22,111 shares of the company’s stock valued at $318,000 after buying an additional 894 shares in the last quarter. Aristides Capital LLC boosted its stake in shares of Saga Communications by 12.7% in the second quarter. Aristides Capital LLC now owns 10,850 shares of the company’s stock valued at $171,000 after buying an additional 1,220 shares during the period. Finally, Renaissance Technologies LLC grew its position in Saga Communications by 5.9% during the second quarter. Renaissance Technologies LLC now owns 122,744 shares of the company’s stock worth $1,933,000 after buying an additional 6,800 shares in the last quarter. 74.28% of the stock is currently owned by institutional investors and hedge funds.

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.