The Manufacturers Life Insurance Company grew its position in shares of Entercom Communications Corp. (NYSE:ETM) by 11.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,943 shares of the company’s stock after acquiring an additional 2,484 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Entercom Communications worth $258,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. Aperio Group LLC bought a new stake in Entercom Communications during the second quarter worth $134,000. Good Life Advisors LLC grew its holdings in Entercom Communications by 6.3% during the second quarter. Good Life Advisors LLC now owns 14,290 shares of the company’s stock worth $140,000 after buying an additional 842 shares in the last quarter. Virtu KCG Holdings LLC bought a new stake in Entercom Communications during the second quarter worth $159,000. Zacks Investment Management bought a new stake in Entercom Communications during the second quarter worth $186,000. Finally, Voya Investment Management LLC grew its holdings in Entercom Communications by 14.0% during the second quarter. Voya Investment Management LLC now owns 19,392 shares of the company’s stock worth $201,000 after buying an additional 2,383 shares in the last quarter. Institutional investors and hedge funds own 65.97% of the company’s stock.
Several brokerages recently issued reports on ETM. BidaskClub upgraded Entercom Communications from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Noble Financial reiterated a “buy” rating on shares of Entercom Communications in a report on Monday, November 27th.
Shares of Entercom Communications Corp. (ETM) traded down $0.25 during trading on Thursday, reaching $11.05. The company had a trading volume of 3,746,900 shares, compared to its average volume of 1,225,565. Entercom Communications Corp. has a 1-year low of $9.45 and a 1-year high of $16.55. The company has a market capitalization of $460.24, a P/E ratio of 13.95 and a beta of 1.09. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.21 and a quick ratio of 2.21.
Entercom Communications (NYSE:ETM) last announced its quarterly earnings results on Thursday, November 2nd. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.02. Entercom Communications had a return on equity of 8.67% and a net margin of 2.69%. The business had revenue of $122.30 million during the quarter, compared to the consensus estimate of $120.76 million. During the same quarter in the prior year, the company posted $0.27 earnings per share. Entercom Communications’s revenue was up .6% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th will be paid a $0.09 dividend. The ex-dividend date of this dividend is Monday, November 27th. This represents a $0.36 dividend on an annualized basis and a yield of 3.26%. Entercom Communications’s dividend payout ratio (DPR) is presently 138.46%.
Entercom Communications declared that its Board of Directors has initiated a share repurchase plan on Thursday, November 2nd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 22.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Entercom Communications news, Chairman Joseph M. Field acquired 168,162 shares of Entercom Communications stock in a transaction on Monday, November 27th. The stock was purchased at an average price of $11.81 per share, for a total transaction of $1,985,993.22. Following the purchase, the chairman now directly owns 3,762,621 shares of the company’s stock, valued at $44,436,554.01. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Joseph M. Field acquired 180,282 shares of Entercom Communications stock in a transaction on Tuesday, November 21st. The stock was acquired at an average price of $11.72 per share, with a total value of $2,112,905.04. Following the purchase, the chairman now directly owns 3,529,177 shares in the company, valued at $41,361,954.44. The disclosure for this purchase can be found here. Insiders acquired a total of 423,444 shares of company stock valued at $4,978,398 in the last 90 days. Corporate insiders own 32.57% of the company’s stock.
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Entercom Communications Company Profile
Entercom Communications Corp. is a radio broadcasting company. The Company sells advertising time to local, regional and national advertisers and national network advertisers, purchasing spot commercials in varying lengths. It focuses on station-related digital platforms, which allow for audience interaction and participation, and integrated local digital marketing solutions and station events.
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