Scott Schatz, Executive Vice President of Finance Operations and Technology at Townsquare Media, Inc. (NYSE:TSQ), recently sold shares of the company’s Class A common stock. According to a Form 4 filing with the Securities and Exchange Commission, Schatz sold a total of 2,166 shares over two days at prices ranging from $9.10 to $9.30 per share, amounting to a total transaction value of $20,123. The stock currently trades at $9.56, with analysts setting price targets between $17 and $21. InvestingPro data shows the company offers an attractive 8.26% dividend yield.
Following these transactions, Schatz holds 29,200 shares of Class A common stock. Additionally, he possesses 218,833 shares of Class B common stock, including 21,846 shares not subject to vesting or transfer restrictions and 196,987 fully vested options to purchase Class B common stock. These sales and holdings reflect Schatz’s current investment position in Townsquare Media, which has a market capitalization of $148.32 million and maintains a "Fair" financial health score according to InvestingPro, which offers 7 additional key insights about the company’s performance and outlook.
In other recent news, Townsquare Media has announced a new $50 million stock repurchase plan, replacing a similar plan set to expire in 2024. The company has also reported slight growth in net revenue to $115.3 million in its Q3 2024 earnings call, with digital revenue accounting for over half of the total. The digital advertising segment, which grew by 5%, and programmatic advertising, which increased by 10%, were key growth drivers. 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 development 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 the recent developments in Townsquare Media’s financial strategy and operations.
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