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

Gray Television, Inc. (NYSE:GTN) announced a quarterly dividend on Friday, November 8th,Zacks Dividends reports. Investors of record on Friday, December 13th will be given a dividend of 0.08 per share on Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a yield of 7.48%. The ex-dividend date is Friday, December 13th.

Gray Television has a payout ratio of -49.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Gray Television to earn ($0.86) per share next year, which means the company may not be able to cover its $0.32 annual dividend with an expected future payout ratio of -37.2%.

Gray Television Stock Down 26.1 %

GTN stock opened at $4.28 on Friday. The firm has a 50 day moving average of $5.30 and a 200 day moving average of $5.46. The stock has a market capitalization of $426.57 million, a PE ratio of 2.85, a price-to-earnings-growth ratio of 0.14 and a beta of 1.47. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 2.98. Gray Television has a 52 week low of $3.95 and a 52 week high of $10.07.

Gray Television (NYSE:GTN) last released its earnings results on Friday, November 8th. The company reported $0.86 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.08). The company had revenue of $950.00 million during the quarter, compared to analyst estimates of $967.49 million. Gray Television had a return on equity of 3.02% and a net margin of 1.84%. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.57) earnings per share. Sell-side analysts forecast that Gray Television will post 4.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on GTN shares. Wells Fargo & Company lowered their target price on shares of Gray Television from $6.00 to $4.00 and set an “underweight” rating for the company in a research note on Friday, August 9th. Guggenheim decreased their price objective on shares of Gray Television from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday, August 14th. Finally, Benchmark cut their price objective on shares of Gray Television from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Gray Television currently has a consensus rating of “Hold” and a consensus target price of $8.33.

About Gray Television

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, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.