One year ago, Saga Communications restored its quarterly cash dividend, awarding its investors with a $0.16 per-share payout. This has been seen in each quarter since the release of its Q2 2021 results.
Now, Saga’s board of directors has approved a slight increase to their quarterly dividend.
The owner of 79 FM and 34 AM radio stations on Thursday revealed that its Board of Directors put their stamp of approval on a quarterly cash dividend of $0.20 per share.
The four cents per-share increase comes as other audio content creation and distribution companies have yet to increase their quarterly dividend from pandemic-fueled haircuts, or in some cases restore the quarterly dividend altogether.
Until June 2019, Audacy Corp. awarded shareholders with a $0.09 quarterly dividend. This was cut to $0.02 in August 2019 — well before the arrival of COVID-19. Then, a full suspension of the company’s quarterly dividend came in the second quarter of 2020. It’s yet to return.
Meanwhile, the bigger Saga quarterly dividend will be paid to shareholders on July 1 to shareholders of record on June 13.
The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.2 million.
The quarterly cash dividend will be funded by cash on Saga’s balance sheet. Including this dividend, the company will have paid over $79 million in dividends to shareholders since the first special dividend was paid in 2012.
