Saga Communications (NASDAQ:SGA) Stock Price Down 0.6% – Here’s What Happened

Saga Communications, Inc. (NASDAQ:SGA)’s stock price was down 0.6% during mid-day trading on Tuesday . The company traded as low as $8.88 and last traded at $8.95. Approximately 20,394 shares were traded during trading, an increase of 17% from the average daily volume of 17,479 shares. The stock had previously closed at $9.00.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SGA shares. Noble Financial lowered Saga Communications from a “strong-buy” rating to a “market perform” rating in a research report on Monday, May 11th. Weiss Ratings lowered Saga Communications from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, May 20th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce”.

Saga Communications Stock Down 0.6%

The company has a current ratio of 2.81, a quick ratio of 2.81 and a debt-to-equity ratio of 0.03. The stock has a 50-day simple moving average of $10.42 and a 200-day simple moving average of $11.13. The company has a market cap of $56.92 million, a price-to-earnings ratio of -6.63 and a beta of -0.11.

Saga Communications Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 11.2%. The ex-dividend date was Friday, May 22nd. Saga Communications’s payout ratio is -74.07%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SGA. Osaic Holdings Inc. boosted its position in Saga Communications by 256.7% during the 2nd quarter. Osaic Holdings Inc. now owns 3,984 shares of the company’s stock worth $52,000 after acquiring an additional 2,867 shares during the period. LPL Financial LLC acquired a new position in Saga Communications during the 4th quarter worth $163,000. Bank of America Corp DE boosted its position in Saga Communications by 30,720.0% during the 3rd quarter. Bank of America Corp DE now owns 16,951 shares of the company’s stock worth $211,000 after acquiring an additional 16,896 shares during the period. Empowered Funds LLC boosted its position in Saga Communications by 6.2% during the 1st quarter. Empowered Funds LLC now owns 30,406 shares of the company’s stock worth $379,000 after acquiring an additional 1,769 shares during the period. Finally, Geode Capital Management LLC boosted its position in Saga Communications by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 59,371 shares of the company’s stock worth $678,000 after acquiring an additional 1,923 shares during the period. Institutional investors and hedge funds own 74.28% of the company’s stock.

About Saga Communications

Saga Communications, Inc (NASDAQ: SGA) is an independent radio broadcasting company that owns and operates a portfolio of local radio stations across the United States. Headquartered in Grosse Pointe Farms, Michigan, the company focuses on full‐service radio properties offering a variety of formats, including music, news‐talk and sports programming. In addition to traditional over‐the‐air broadcasts, Saga leverages web streaming and mobile platforms to broaden listener reach and provide advertisers with multimedia opportunities.

Founded in 1985 by Edward J.