Bank of New York Mellon Corp decreased its stake in Entercom Communications Corp. (NYSE:ETM) by 0.1% during the second quarter, Holdings Channel reports. The institutional investor owned 222,618 shares of the company’s stock after selling 198 shares during the period. Bank of New York Mellon Corp owned 0.55% of Entercom Communications Corp. worth $3,021,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the company. Chicago Equity Partners LLC purchased a new position in Entercom Communications Corp. during the second quarter valued at $350,000. ClariVest Asset Management LLC boosted its position in Entercom Communications Corp. by 0.3% in the second quarter. ClariVest Asset Management LLC now owns 216,114 shares of the company’s stock valued at $2,933,000 after buying an additional 700 shares in the last quarter. American Century Companies Inc. boosted its position in Entercom Communications Corp. by 30.9% in the second quarter. American Century Companies Inc. now owns 358,288 shares of the company’s stock valued at $4,862,000 after buying an additional 84,602 shares in the last quarter. Eqis Capital Management Inc. boosted its position in Entercom Communications Corp. by 4.3% in the second quarter. Eqis Capital Management Inc. now owns 14,141 shares of the company’s stock valued at $192,000 after buying an additional 580 shares in the last quarter. Finally, Phocas Financial Corp. boosted its position in Entercom Communications Corp. by 45.9% in the first quarter. Phocas Financial Corp. now owns 532,656 shares of the company’s stock valued at $5,636,000 after buying an additional 167,456 shares in the last quarter. Hedge funds and other institutional investors own 45.22% of the company’s stock.
Shares of Entercom Communications Corp. (NYSE:ETM) traded up 2.05% during trading on Friday, hitting $12.94. The stock had a trading volume of 71,539 shares. The firm has a market cap of $525.39 million, a price-to-earnings ratio of 13.93 and a beta of 1.62. Entercom Communications Corp. has a 52-week low of $8.88 and a 52-week high of $14.94. The firm’s 50-day moving average is $13.55 and its 200 day moving average is $12.72.
Entercom Communications Corp. (NYSE:ETM) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.03. The business earned $120.50 million during the quarter, compared to analysts’ expectations of $119.12 million. Entercom Communications Corp. had a return on equity of 9.41% and a net margin of 8.41%. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 EPS. On average, analysts expect that Entercom Communications Corp. will post $0.95 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Monday, August 15th were issued a $0.075 dividend. The ex-dividend date was Thursday, August 11th. This represents a $0.30 annualized dividend and a dividend yield of 2.32%. Entercom Communications Corp.’s dividend payout ratio (DPR) is presently 32.97%.
Several equities analysts have weighed in on ETM shares. TheStreet upgraded Entercom Communications Corp. from a “hold” rating to a “buy” rating in a report on Tuesday, June 28th. Zacks Investment Research cut Entercom Communications Corp. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 5th.
About Entercom Communications Corp.
Entercom Communications Corp. is a radio broadcasting company. The Company has a portfolio of approximately 130 radio stations in over 30 markets across the United States. The Company operates through the radio broadcasting segment. The Company sells advertising time to local, regional and national advertisers and national network advertisers, engaged in purchasing spot commercials in varying lengths.
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