Claire Yenicay, Executive Vice President of Investor Relations and Corporate Communications at Townsquare Media, Inc. (NYSE:TSQ), recently sold 5,000 shares of the company's Class A common stock. The $149 million market cap media company currently offers an attractive 8.2% dividend yield, with analysts setting price targets between $17-$21, significantly above the current trading price of $9.65. The shares were sold on December 20 at a price of $9.65 each, totaling $48,250. Following this transaction, Yenicay retains ownership of 207,393 shares, which includes 29,156 shares that are not subject to vesting or transfer restrictions and 178,237 vested options. InvestingPro analysis reveals the stock is trading near its 52-week low, while management has been actively buying back shares. Get access to 7 more exclusive ProTips and comprehensive analysis with InvestingPro's detailed research report.
In other recent news, Townsquare Media has announced a $50 million stock repurchase plan, replacing a similar plan set to expire in 2024. This follows the company's previous repurchase activities, which saw approximately $40.5 million worth of stock bought back over the past three years. Details of the repurchases will be determined by Townsquare Media's management and reported in the company's periodic filings with the SEC.
In terms of earnings, Townsquare Media reported a slight increase in net revenue to $115.3 million in its Q3 2024 earnings call, with digital revenue accounting for 52% of the total. Despite a decline in national broadcast advertising, the company's digital advertising segment grew by 5%, and programmatic advertising increased by 10%. Townsquare Interactive is projected to show year-over-year revenue growth in Q4.
In other developments, the company announced plans for debt refinancing in early 2025, expecting favorable interest rate shifts. This comes alongside a strong cash flow that led to $24 million in share buybacks and $36 million in bond buybacks. A partnership with SummitMedia for a white-label digital programmatic advertising solution is also expected to ramp up in 2025. These are the recent developments concerning Townsquare Media.
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