Gray Television, Inc. (NYSE:GTN) Announces $0.08 Quarterly Dividend

Gray Television, Inc. (NYSE:GTNGet Rating) announced a quarterly dividend on Friday, May 6th, Zacks reports. Shareholders of record on Wednesday, June 15th will be given a dividend of 0.08 per share on Thursday, June 30th. This represents a $0.32 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Tuesday, June 14th.

Gray Television has a dividend payout ratio of 11.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Gray Television to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.32 annual dividend with an expected future payout ratio of 13.9%.

NYSE:GTN opened at $18.96 on Friday. The business’s 50-day moving average price is $21.66 and its two-hundred day moving average price is $21.61. Gray Television has a twelve month low of $18.24 and a twelve month high of $25.24. The stock has a market cap of $1.81 billion, a P/E ratio of 48.62, a PEG ratio of 0.36 and a beta of 1.73. The company has a quick ratio of 2.51, a current ratio of 2.51 and a debt-to-equity ratio of 3.84.

Gray Television (NYSE:GTNGet Rating) last announced its quarterly earnings data on Friday, May 6th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.37 by $0.15. The firm had revenue of $827.00 million for the quarter, compared to analyst estimates of $805.23 million. Gray Television had a return on equity of 5.08% and a net margin of 3.73%. The company’s revenue was up 52.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 EPS. On average, equities research analysts expect that Gray Television will post 5.4 EPS for the current fiscal year.

In other news, Director D Patrick Laplatney sold 60,000 shares of the stock in a transaction that occurred on Monday, April 11th. The stock was sold at an average price of $20.93, for a total value of $1,255,800.00. Following the completion of the transaction, the director now owns 348,849 shares of the company’s stock, valued at approximately $7,301,409.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard Lee Boger sold 4,755 shares of the company’s stock in a transaction that occurred on Monday, February 28th. The stock was sold at an average price of $21.16, for a total value of $100,615.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 209,055 shares of company stock worth $4,705,642. Corporate insiders own 4.80% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Weiss Multi Strategy Advisers LLC boosted its stake in Gray Television by 49.8% during the 4th quarter. Weiss Multi Strategy Advisers LLC now owns 125,422 shares of the company’s stock valued at $2,529,000 after purchasing an additional 41,690 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Gray Television by 1.8% during the 4th quarter. California State Teachers Retirement System now owns 113,428 shares of the company’s stock valued at $2,287,000 after buying an additional 2,039 shares during the period. Vident Investment Advisory LLC lifted its holdings in shares of Gray Television by 3.2% during the 4th quarter. Vident Investment Advisory LLC now owns 97,678 shares of the company’s stock valued at $1,969,000 after buying an additional 3,027 shares during the period. Credit Suisse AG lifted its holdings in shares of Gray Television by 23.3% during the 4th quarter. Credit Suisse AG now owns 77,835 shares of the company’s stock valued at $1,570,000 after buying an additional 14,733 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of Gray Television by 1.0% during the 4th quarter. Legal & General Group Plc now owns 76,055 shares of the company’s stock valued at $1,533,000 after buying an additional 783 shares during the period. Institutional investors and hedge funds own 75.11% of the company’s stock.

GTN has been the topic of several recent research reports. Zacks Investment Research lowered Gray Television from a “buy” rating to a “hold” rating in a research report on Wednesday. Wells Fargo & Company increased their price objective on Gray Television from $26.00 to $28.00 and gave the company an “overweight” rating in a research report on Monday, February 28th. Barrington Research raised their price target on Gray Television from $25.00 to $28.00 in a research report on Wednesday, March 2nd. Loop Capital raised their price target on Gray Television from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, March 7th. Finally, StockNews.com initiated coverage on Gray Television in a research report on Thursday, March 31st. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $28.75.

Gray Television Company Profile (Get Rating)

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets.

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Dividend History for Gray Television (NYSE:GTN)

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