Some of its peers have yet to reinstate a quarterly dividend suspended following the onset of the COVID-19 virus in the U.S. some 3 1/2 years ago. For Saga Communications, cash rewards to its shareholders has been a hallmark of stock ownership. Now, Saga’s board has said yes to another quarterly cash dividend of significance.
The latest quarterly cash dividend for holders of “SGA” is $0.25 per share.
That matches the dividend declaration seen in the second quarter of 2023 by Saga, headed by CEO Chris Forgy.
The dividend will be paid on November 3 to shareholders of record on October 11.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.5 million.
The quarterly dividend will be funded by cash on the company’s balance sheet. Including this dividend, Saga will have paid approximately $111 million in dividends to shareholders since the first special dividend was paid in 2012.
As previously reported, Saga’s board adopted a variable dividend policy for the allocation of cash flows aligned with the goals of maintaining a strong balance sheet, increasing cash returns to shareholders, and continuing to grow the company through strategic acquisitions.
Saga owns 79 FM and 33 AM radio stations across the U.S. in mid-sized and small-sized markets. With its Q3 earnings scheduled for release in early November, just 1 analyst covers Saga. That analyst forecasts earnings per share of $0.47 on revenue of $28.9 million.
