Verity Asset Management Inc. grew its holdings in Entercom Communications Corporation (NYSE:ETM) by 45.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,530 shares of the company’s stock after purchasing an additional 7,374 shares during the quarter. Verity Asset Management Inc. owned approximately 0.07% of Entercom Communications Corporation worth $244,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Aperio Group LLC bought a new position in shares of Entercom Communications Corporation in the 2nd quarter valued at about $134,000. Good Life Advisors LLC boosted its stake in shares of Entercom Communications Corporation by 6.3% in the 2nd quarter. Good Life Advisors LLC now owns 14,290 shares of the company’s stock valued at $140,000 after purchasing an additional 842 shares during the last quarter. American International Group Inc. boosted its stake in shares of Entercom Communications Corporation by 7.1% in the 1st quarter. American International Group Inc. now owns 15,990 shares of the company’s stock valued at $229,000 after purchasing an additional 1,065 shares during the last quarter. Spark Investment Management LLC bought a new position in shares of Entercom Communications Corporation in the 1st quarter valued at about $270,000. Finally, Alliancebernstein L.P. boosted its stake in shares of Entercom Communications Corporation by 63.0% in the 2nd quarter. Alliancebernstein L.P. now owns 28,200 shares of the company’s stock valued at $292,000 after purchasing an additional 10,900 shares during the last quarter. 55.55% of the stock is currently owned by institutional investors.
Shares of Entercom Communications Corporation (ETM) traded up 6.67% during mid-day trading on Monday, hitting $11.20. 838,901 shares of the company were exchanged. Entercom Communications Corporation has a 12-month low of $9.45 and a 12-month high of $16.55. The company has a market capitalization of $456.50 million, a price-to-earnings ratio of 25.11 and a beta of 1.13. The firm has a 50 day moving average of $10.12 and a 200 day moving average of $11.33.
Entercom Communications Corporation (NYSE:ETM) last released its quarterly earnings results on Friday, July 28th. The company reported $0.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.07. The company had revenue of $125.00 million for the quarter, compared to analysts’ expectations of $121.42 million. Entercom Communications Corporation had a return on equity of 8.50% and a net margin of 4.27%. The business’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.26 earnings per share. Equities research analysts forecast that Entercom Communications Corporation will post $0.91 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, August 15th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 10.48%. The ex-dividend date was Friday, August 11th. Entercom Communications Corporation’s payout ratio is presently 66.67%.
Several research analysts have recently issued reports on ETM shares. ValuEngine lowered shares of Entercom Communications Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Zacks Investment Research raised shares of Entercom Communications Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Noble Financial reaffirmed a “buy” rating on shares of Entercom Communications Corporation in a research note on Monday, July 31st. Finally, BidaskClub raised shares of Entercom Communications Corporation from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $18.00.
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About Entercom Communications Corporation
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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