First Hawaiian Bank Trims Stock Holdings in Gray Television, Inc. (NYSE:GTN)

First Hawaiian Bank reduced its stake in Gray Television, Inc. (NYSE:GTN – Free Report) by 12.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,453 shares of the company’s stock after selling 3,590 shares during the quarter. First Hawaiian Bank’s holdings in Gray Television were worth $219,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Diversified Trust Co lifted its position in Gray Television by 25.4% during the fourth quarter. Diversified Trust Co now owns 26,762 shares of the company’s stock worth $240,000 after buying an additional 5,414 shares during the period. American Century Companies Inc. lifted its position in Gray Television by 26.6% during the third quarter. American Century Companies Inc. now owns 67,651 shares of the company’s stock worth $468,000 after buying an additional 14,219 shares during the period. Comerica Bank purchased a new position in Gray Television during the third quarter worth about $68,000. Legal & General Group Plc lifted its position in Gray Television by 4.9% during the third quarter. Legal & General Group Plc now owns 75,794 shares of the company’s stock worth $524,000 after buying an additional 3,527 shares during the period. Finally, Darsana Capital Partners LP raised its holdings in shares of Gray Television by 336.8% in the 3rd quarter. Darsana Capital Partners LP now owns 4,000,441 shares of the company’s stock worth $27,683,000 after purchasing an additional 3,084,578 shares during the period. 77.01% of the stock is currently owned by hedge funds and other institutional investors.

Gray Television Price Performance

Shares of NYSE GTN opened at $5.87 on Thursday. Gray Television, Inc. has a fifty-two week low of $5.44 and a fifty-two week high of $10.69. The business has a 50 day moving average price of $7.68 and a two-hundred day moving average price of $7.60. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 3.12. The firm has a market cap of $570.10 million, a PE ratio of -4.22, a price-to-earnings-growth ratio of 0.15 and a beta of 1.56.

Gray Television (NYSE:GTN – Get Free Report) last issued its quarterly earnings data on Friday, February 23rd. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.08). Gray Television had a negative net margin of 2.32% and a negative return on equity of 3.76%. The business had revenue of $864.00 million for the quarter, compared to analyst estimates of $863.31 million. During the same quarter last year, the business earned $1.88 EPS. Gray Television’s revenue for the quarter was down 19.4% compared to the same quarter last year. Sell-side analysts expect that Gray Television, Inc. will post 3.78 earnings per share for the current fiscal year.

Gray Television Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Friday, March 15th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.32 dividend on an annualized basis and a yield of 5.46%. Gray Television’s dividend payout ratio (DPR) is presently -23.02%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wells Fargo & Company raised their price objective on Gray Television from $6.00 to $7.00 and gave the stock an “underweight” rating in a report on Friday, February 9th. StockNews.com upgraded Gray Television to a “sell” rating in a research note on Thursday, December 14th. Finally, Barrington Research reiterated a “market perform” rating on shares of Gray Television in a research note on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $12.80.

View Our Latest Stock Analysis on Gray Television

Gray Television Profile

(Free Report)

Gray Television, Inc, a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Circle, Telemundo, THE365, and Outlaw; and local news/weather channels in various markets.

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