Saga Communications, Inc. (NASDAQ:SGA) Major Shareholder Purchases $2,706,851.25 in Stock

Saga Communications, Inc. (NASDAQ:SGA) major shareholder Gate City Capital Management, bought 240,609 shares of the stock in a transaction on 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 purchase, the insider now owns 863,845 shares of the company’s stock, valued at $9,718,256.25. The trade was a 38.61 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Saga Communications Trading Down 0.4 %

NASDAQ SGA opened at $11.50 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.64 and a current ratio of 2.64. Saga Communications, Inc. has a one year low of $10.75 and a one year high of $24.70. The company has a 50-day simple moving average of $12.21 and a 200-day simple moving average of $13.92. The firm has a market capitalization of $72.00 million, a PE ratio of 15.97 and a beta of 0.26.

Saga Communications Dividend Announcement

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

Hedge Funds Weigh In On Saga Communications

Several institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC grew its position in shares of Saga Communications by 5.9% during the third quarter. Geode Capital Management LLC now owns 53,679 shares of the company’s stock worth $771,000 after acquiring an additional 2,986 shares during the last quarter. Empowered Funds LLC grew its position in Saga Communications by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 27,390 shares of the company’s stock worth $393,000 after purchasing an additional 1,340 shares during the last quarter. Marquette Asset Management LLC increased its stake 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 purchasing an additional 894 shares during the period. Aristides Capital LLC increased 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 purchasing an additional 1,220 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of 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 during the period. 74.28% of the stock is owned by institutional investors.

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.