Zacks Research lowered shares of Townsquare Media (NYSE:TSQ – Free Report) from a hold rating to a strong sell rating in a research report released on Monday morning,Zacks.com reports.
TSQ has been the subject of a number of other research reports. Barrington Research reiterated an “outperform” rating and set a $10.00 target price on shares of Townsquare Media in a research note on Monday, May 11th. Wall Street Zen upgraded Townsquare Media from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings raised Townsquare Media from a “sell (d)” rating to a “sell (d+)” rating in a report on Monday. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $10.00.
Read Our Latest Research Report on Townsquare Media
Townsquare Media Stock Up 0.4%
Townsquare Media (NYSE:TSQ – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Townsquare Media had a negative return on equity of 7.41% and a negative net margin of 1.59%.The firm had revenue of $96.10 million for the quarter, compared to analyst estimates of $96.46 million. On average, equities analysts anticipate that Townsquare Media will post 0.21 EPS for the current year.
Townsquare Media Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 27th will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 11.8%. The ex-dividend date is Monday, July 27th. Townsquare Media’s payout ratio is currently -186.05%.
Insider Buying and Selling at Townsquare Media
In related news, COO Erik Hellum sold 35,000 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $6.44, for a total value of $225,400.00. Following the transaction, the chief operating officer directly owned 914,542 shares of the company’s stock, valued at $5,889,650.48. This trade represents a 3.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Robert L. Worshek sold 34,299 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $6.62, for a total transaction of $227,059.38. Following the completion of the transaction, the chief accounting officer directly owned 142,722 shares in the company, valued at $944,819.64. This trade represents a 19.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 30.30% of the company’s stock.
Hedge Funds Weigh In On Townsquare Media
Several large investors have recently bought and sold shares of TSQ. Crews Bank & Trust acquired a new stake in shares of Townsquare Media during the fourth quarter worth about $26,000. Raymond James Financial Inc. acquired a new stake in shares of Townsquare Media in the 2nd quarter valued at about $33,000. Algert Global LLC acquired a new stake in shares of Townsquare Media in the 3rd quarter valued at about $72,000. XTX Topco Ltd purchased a new position in Townsquare Media during the 4th quarter worth approximately $83,000. Finally, Occudo Quantitative Strategies LP purchased a new position in Townsquare Media during the 2nd quarter worth approximately $101,000. Institutional investors and hedge funds own 71.69% of the company’s stock.
About Townsquare Media
Townsquare Media, Inc (NYSE: TSQ) is a diversified media and entertainment company that operates primarily in small and mid-sized markets across the United States. The company owns and manages over 300 local radio stations that deliver music, news, sports and community programming to listeners. In addition to its core broadcasting business, Townsquare Media provides digital marketing solutions and advertising services through its proprietary platforms and specialized agencies, helping local businesses connect with consumers via targeted online campaigns.
Founded in 2010 and headquartered in Purchase, New York, Townsquare Media has grown its footprint through strategic acquisitions and the development of a broad digital portfolio.
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