DETROIT—The Edward K. Christian Trust, a significant shareholder in Saga Communications Inc . (NASDAQ:SGA), recently sold shares of the company, according to a filing with the Securities and Exchange Commission. The trust divested a total of 4,033 shares of Class A Common Stock in multiple transactions, earning approximately $49,640. The $77.5 million market cap broadcasting company, which according to InvestingPro analysis is currently trading below its Fair Value, maintains strong financial health with a current ratio of 2.64 and offers an impressive 29% dividend yield.
The sales occurred over a series of dates, with the first transaction on December 13, 2024, involving 543 shares sold at a weighted average price of $12.92. The second and third transactions took place on January 21 and January 22, 2025, with 2,326 shares sold at an average price of $12.10 and 1,164 shares sold at an average price of $12.44, respectively. The prices for these transactions ranged from $12.05 to $12.94, with the stock trading at just 0.47 times book value.
Following these transactions, the trust retains ownership of 961,116 shares in the broadcasting company. The sales were executed by Judith Christian, Trustee of the Edward K. Christian Trust. Investors can access detailed valuation metrics and 10+ additional ProTips for SGA through a comprehensive Pro Research Report available on InvestingPro.
"In other recent news, Saga Communications reported a decrease in net revenue by 3.5% to $28.1 million in the third quarter of 2024, with a net income of $1.3 million or $0.20 per diluted share. Despite these results, the media company saw an increase in political revenue and is shifting its strategy towards "blended advertising" combining radio and digital advertising. However, the company anticipates a weaker performance in the fourth quarter with expected low to mid-single-digit declines.
Saga Communications also declared a quarterly cash dividend of $0.25 per share, totaling approximately $1.6 million, continuing its practice of returning value to shareholders. Additionally, the company terminated a non-profitable digital services partnership, which may impact future revenue comparisons.
Operating expenses are projected to increase by 3% to 5% for the year due to investments and inflationary pressures. Despite challenges in the automotive and broadcast sectors affecting advertising budgets, Saga Communications remains optimistic about its blended advertising strategy to enhance local advertising results. These are the latest developments in the company’s operations."
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