Scott Schatz, Executive Vice President of Finance Operations and Technology at Townsquare Media, Inc. (NYSE:TSQ), has sold shares of the company in two separate transactions, according to a recent SEC filing. The stock, which currently offers an 8.22% dividend yield according to InvestingPro, has been trading near its 52-week low of $9.47. On December 23, Schatz sold 5,000 shares of Class A Common Stock at a weighted average price of approximately $9.64 per share. The following day, he sold an additional 2,108 shares at $9.65 per share. The total value of these transactions amounted to $68,542. Despite the insider selling, analysts maintain a bullish outlook with price targets ranging from $17 to $21, according to InvestingPro data.
Following these sales, Schatz holds 35,960 shares of Class A Common Stock. Additionally, he retains ownership of 218,833 shares of Class B Common Stock, which includes 21,846 shares not subject to vesting or transfer restrictions and 196,987 fully vested options to purchase Class B shares. For comprehensive insider trading analysis and 7 additional key insights about TSQ, visit InvestingPro.
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 their previous repurchase activities, which saw approximately $40.5 million worth of stock bought back over the past three years. The company's management will decide the specifics of the repurchase transactions, based on various factors including market price of the common stock, overall market and economic conditions, and the company's financial position.
In recent developments, Townsquare Media reported a slight uptick in net revenue to $115.3 million in its Q3 2024 earnings call, with digital revenue accounting for 52% of the total. The company's digital advertising segment, which grew by 5%, and programmatic advertising, which increased by 10%, were key growth drivers. Despite a decline in national broadcast advertising, Townsquare Interactive is projected to show year-over-year revenue growth in Q4.
The company also announced plans for debt refinancing in early 2025, anticipating favorable interest rate shifts. This development 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.
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