New Media Investment Group Inc. (NEWM) Increases Dividend to $0.37 Per Share
New Media Investment Group Inc. (NYSE:NEWM) declared a quarterly dividend on Tuesday, October 24th, NASDAQ reports. Shareholders of record on Wednesday, November 8th will be given a dividend of 0.37 per share on Thursday, November 16th. This represents a $1.48 annualized dividend and a yield of 9.27%. The ex-dividend date is Tuesday, November 7th. This is an increase from New Media Investment Group’s previous quarterly dividend of $0.35.
New Media Investment Group has a payout ratio of 370.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect New Media Investment Group to earn $0.35 per share next year, which means the company may not be able to cover its $1.48 annual dividend with an expected future payout ratio of 422.9%.
In related news, CEO Michael Reed bought 20,000 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were acquired at an average cost of $13.60 per share, with a total value of $272,000.00. Following the completion of the purchase, the chief executive officer now directly owns 235,769 shares of the company’s stock, valued at approximately $3,206,458.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.34% of the company’s stock.
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Separately, BidaskClub raised shares of New Media Investment Group from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd.
About New Media Investment Group
New Media Investment Group Inc is a holding company. The Company owns, operates and invests in local media assets. The Company’s segments include Eastern US Publishing, Central US Publishing, Western US Publishing and BridgeTower. It focuses on owning and acquiring local media assets in small to mid-size markets.
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