Saga Communications hikes dividend by 25% and pays special dividend
On September 20, 2022, Saga Communications, Inc. (SGA) declared declared a quarterly cash dividend of $0.25 per share, up 25% from the previous dividend of $0.20 quarterly per share. Also SGA will pay shareolders a special dividend of $2.00 per share. On Twitter we already published that this special dividend yields 7.7% at a stock price of $26.05.
The dividend will be paid on October 21, 2022, to shareholders of record on October 3, 2022. The aggregate amount of the payment to be made in connection with the quarterly and special dividends will be approximately $13.6 million. The quarterly and special cash dividends will be funded by cash on the Company’s balance sheet. Including this dividend, the Company will have paid over $93.0 million in dividends to shareholders since the first special dividend was paid in 2012.
“We are very pleased that our strong capital position and operating performance allowed us to declare an increased regular quarterly cash dividend and a special cash dividend, reflecting our continuing commitment to provide a meaningful cash return to our shareholders,” said Warren Lada, Interim President and Chief Executive Officer of Saga. “Our sustained financial strength has put us in a position to meet operational goals and to support an ongoing cash dividend program. The cash dividends announced today express the confidence of our Board of Directors and executive management team in Saga’s future.”
A new annual dividend rate of $1.00 per share will yield 3.8% at a stock price of $26 for SAGA.
Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. Saga owns or operates broadcast properties in multiple markets, including 79 FM, 34 AM radio stations and many metro signals. The company's segments are Radio, Television, and Corporate and Other. Saga Communications became a public company in 1992 and had been paying a dividend every year since 2014.
