While Beasley Media Group’s quarterly dividend hasn’t changed much over the years and Entercom recently sliced its investor reward, Saga Communications has long been generous with its quarterly dividend.
On Wednesday, the radio industry pure-play moved ahead with its the third increase in its quarterly cash dividend since it started paying one.
Saga’s board signed off on a 6.7% bump in the quarterly cash dividend, to $0.32 from $0.30. The dividend will be paid on April 10 to shareholders of record on Monday, March 16.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.9 million. The quarterly cash dividend will be funded by cash on the company’s balance sheet.
Saga, including this dividend, will have paid over $71 million in dividends to shareholders since its first special dividend — paid in 2012.
Saga began paying a dividend in 2014.
Saga began Thursday’s trading at $27, off 41 cents from Wednesday. The company’s dividend increase comes amid a five-year low for SGA, which was at $51.25 in April 2017 and one of the radio industry’s strongest performers on Wall Street.
In fact, it was August 2012 when Saga last traded at its current levels.
The company led by Ed Christian reports it Q4 earnings on Thursday, March 12.