The Board of Directors of Saga Communications, now a pure-play owner of radio stations, has given the green light to a quarterly cash dividend paid to shareholders of record as of Dec. 10.
Saga’s board declared a quarterly cash dividend of $0.30 per share and a special cash dividend of $0.25 per share for its Class A and Class B shares.
The dividends will be paid on January 4, 2019 to shareholders of record.
The aggregate amount of the payment to be made in connection with the quarterly and special dividends will be approximately $3.3 million.
The quarterly and special cash dividends will be funded by cash on Saga’s balance sheet. The company, including these dividends, will have paid $62.3 million in dividends to shareholders since the first special dividend was paid in 2012.
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.
Saga owns or operates broadcast properties in 26 markets, including 75 FM, 33 AM radio stations and 75 metro signals.
The company’s stock is lightly traded on Nasdaq, with some 4,178 shares moving on average. On Wednesday (11/28), SGA ended the day at $37.27, up 3.4%.
That’s Saga’s best performance since Labor Day Weekend; SGA’s 52-week high is $42.50, seen in mid-January.