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Claire Yenicay, Executive Vice President of Investor Relations and Corporate Communications at Townsquare Media, Inc. (NYSE:TSQ), recently sold shares of the company's Class A common stock. The sale comes as the $143 million market cap company trades near its 52-week low of $9.30, while offering an attractive 8.4% dividend yield. According to a filing with the Securities and Exchange Commission, Yenicay sold a total of 6,190 shares over two days.
On December 26, Yenicay sold 5,000 shares at a weighted average price of $9.60, with transaction prices ranging between $9.60 and $9.63. The following day, on December 27, she sold an additional 1,190 shares at a weighted average price of $9.37, with prices ranging from $9.35 to $9.42. The total value of these transactions amounted to $59,150. InvestingPro data shows analysts maintain a bullish outlook with price targets ranging from $17 to $21.
Following these sales, Yenicay holds 219,953 shares directly. This includes 22,966 shares of Class A common stock that are unrestricted and 196,987 options to purchase Class A common stock that are fully vested and not subject to transfer restrictions. Get deeper insights into TSQ's valuation and 7 additional key investment tips with InvestingPro's comprehensive research report.
In other recent news, Townsquare Media has announced a $50 million stock repurchase plan, replacing a similar plan set to expire in 2024. This follows the company's previous repurchase activities, which saw approximately $40.5 million worth of stock bought back over the past three years. This strategic move demonstrates the company's ongoing efforts to manage its capital and return value to its shareholders.
In terms of earnings, the company reported a slight uptick in net revenue to $115.3 million in its Q3 2024 earnings call, with digital revenue accounting for 52% of the total. Digital advertising and programmatic advertising were key growth drivers, increasing by 5% and 10% respectively. Despite a decline in national broadcast advertising, Townsquare Interactive is projected to show year-over-year revenue growth in Q4.
The company also announced plans for debt refinancing in early 2025, anticipating favorable interest rate shifts. This comes alongside a strong cash flow that led to $24 million in share buybacks and $36 million in bond buybacks. A partnership with SummitMedia for a white-label digital programmatic advertising solution is also expected to ramp up in 2025. These are recent developments in the company's financial strategy.
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