It’s a bad time to be an owner of Beasley Broadcast Group shares, even as the company’s Board of Directors has declared a quarterly cash dividend of $0.05 per share of its Class A and Class B common stock.
Monday’s trading saw BBGI slide to a level not seen since August 2016.
At the Closing Bell, Beasley shares were down 4.7% to $4.90. Volume was slightly higher than average, with 58,265 traded. As RBR+TVBR has reported, Beasley is generally a very lightly traded stock.
That said, Beasley is heading in the wrong direction, as it has a 1-year target estimate of $8.
Beasley’s market cap now stands at $134.67 million.
The poor stock performance on Monday comes as Beasley’s Board of Directors OK’d the five-cent dividend payable on January 8, 2019, to shareholders of record on December 31, 2018.
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.