Saga Communications is seeking to recover from a five-year low on Wall Street. That was achieved on May 20, but Friday’s trading wasn’t so bright either, with shares off 2.6% just before noon, to $28.90.
While Saga shareholders may not be wholly pleased with where the company’s shares are today, they will most certainly enjoy the benefit of a healthy quarterly cash dividend to be paid in a matter of weeks.
Saga’s board of directors late Thursday declared a quarterly cash dividend of $0.30 per share. The dividend will be paid on July 5 to shareholders of record on June 14.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.8 million.
The quarterly cash dividend will be funded by cash on the company’s balance sheet.
And, the dividend continues rewards to shareholders that began when the first Saga special dividend was paid in 2012. Since then, more than $65.8 million in dividends have gone to shareholders.
Saga intends to pay regular quarterly cash dividends in the future as declared by the Board of Directors. “Consistent with returning value to our shareholders, the Board of Directors will also consider declaring special cash dividends, stock dividends, and stock buybacks in the future,” said Saga, which owns or operates 79 FM and 34 AM radio stations.