With 15 minutes remaining in Thursday’s trading on Wall Street, Beasley Broadcast Group appeared headed for a fresh five-year low.
In fact, BBGI shares have not traded at its closing price price of $3.31 (a 9 cent decline from Wednesday) since January 2012.
That’s not stopping the radio station owner’s board of directors from declaring a quarterly cash dividend for its stockholders.
Beasley’s Board of Directors on Thursday (5/30) declared a quarterly cash dividend of $0.05 per share of its Class A and Class B common stock.
The dividend is payable on July 5, 2019, to shareholders of record on June 28, 2019.
While Beasley intends to pay regular quarterly cash dividends for the foreseeable future, all subsequent dividends will be reviewed quarterly and declared by the Board of Directors at its discretion, the company said.
Still, if a dividend is coming to shareholders now, it probably will in subsequent quarters.
Beasley stock has taken a battering of late, and has been on a steady decrease since hitting $4.86 in mid-January.
That’s a far cry from one year ago, when an $11.45 share price was seen.
But, that was before the sale of a big chunk of stock by the Bordes family, opting to cash out of shares awarded to them as part of Beasley’s acquisition of Greater Media. By August 2018, Beasley shares were eroding in value, and have not yet recovered.
In fact, they’ve only further withered: the Bordes family agreed to sell 3,126,147 shares of their Class A common stock at $7.50 per share.
BBGI volume just before the Closing Bell was slightly higher than average, with 46,616 shares traded.
BBGI has a 1-year target estimate of $5.50.