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

Gray Television, Inc. (NYSE:GTN) declared a quarterly dividend on Thursday, February 27th, Wall Street Journal reports. Investors of record on Friday, March 14th will be given a dividend of 0.08 per share on Monday, March 31st. This represents a $0.32 annualized dividend and a yield of 8.26%. The ex-dividend date is Friday, March 14th.

Gray Television has a payout ratio of 11.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Gray Television to earn ($0.28) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -114.3%.

Gray Television Stock Performance

NYSE:GTN opened at $3.88 on Wednesday. The stock has a market cap of $393.48 million, a P/E ratio of 2.58 and a beta of 1.45. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 2.76. The business’s 50-day moving average price is $3.70 and its two-hundred day moving average price is $4.37. Gray Television has a twelve month low of $2.91 and a twelve month high of $7.41.

Gray Television (NYSE:GTN) last posted its quarterly earnings data on Thursday, February 27th. The company reported $1.59 earnings per share for the quarter, hitting the consensus estimate of $1.59. Gray Television had a net margin of 5.69% and a return on equity of 9.60%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.04 billion. As a group, equities analysts predict that Gray Television will post 3.32 EPS for the current fiscal year.

Insider Activity

In related news, Director Richard Lee Boger sold 16,000 shares of Gray Television stock in a transaction on Friday, February 28th. The shares were sold at an average price of $3.85, for a total value of $61,600.00. Following the transaction, the director now owns 55,347 shares in the company, valued at $213,085.95. This trade represents a 22.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GTN. Wells Fargo & Company raised shares of Gray Television from an “underweight” rating to an “equal weight” rating and set a $4.00 price objective for the company in a report on Monday, March 3rd. Guggenheim dropped their price target on Gray Television from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Monday. Finally, Barrington Research upgraded Gray Television to a “hold” rating in a research report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Gray Television presently has an average rating of “Moderate Buy” and an average price target of $6.33.

Gray Television Company Profile

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, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.