The Board of Directors of Gray Television has authorized a quarterly cash dividend of its common stock and Class A common stock.
The reward to shareholders comes as GTN, traded on the NYSE, is at the top end of its historical price chart — a good sign for the company led by Hilton Howell Jr. and Pat LaPlatney.
With “opportunistic stock buybacks” and reducing net leverage, GTN shareholders of record at the close of business on March 15 will earn a $0.08 per share.
It is payable on March 31.
The dividend comes as net leverage is set to lower into the mid-3x range, CEO Hilton Howell Jr. said on the company’s Q4 2021 earnings call held on Friday.
As the call continued, GTN’s value increased, reaching $21.62 (up 6.7%) as of 11:29am ET.
The 1-year price target for GTN is $28.43.
