While some of its peers have yet to reinstate their quarterly dividend after suspending it following the onset of the COVID-19 virus in the U.S. more than three years ago, Saga Communications is ready to give more cash rewards to its shareholders.
The Detroit-area radio pure play headed by CEO Chris Forgy on Tuesday shared following the Closing Bell on Wall Street that its Board of Directors declared a quarterly cash dividend of $0.25 per share.
The dividend will be paid on June 16, to shareholders of record on May 22.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.5 million, and the quarterly dividend will be funded by cash on the company’s balance sheet.
As Simply Wall St. pointed out in a Monday report, the group holding the most number of shares in Saga, around 44% to be precise, is institutions.
Some 19% of Saga Communications shares are controlled by hedge funds. Longtime investor Daniel Tisch‘s Towerview LLC is currently the company’s largest shareholder, with 19% of shares outstanding. With 16% and 10.0% of the shares outstanding respectively, the Edward K. Christian Trust and FMR LLC are the second and third-largest shareholders.
