Scott Schatz, Executive Vice President of Financial Operations and Technology at Townsquare Media, Inc. (NYSE: ), recently sold shares of the company’s Class A common stock. According to a Form 4 filing with the Securities and Exchange Commission, Schatz sold a total of 2,166 shares over two days at prices ranging from $9.10 to $9.30 per share, for a total transaction value of $20,123. The stock is currently trading at $9.56, with analysts setting a price target of between $17 and $21. InvestingPro data shows that the company offers an attractive 8.26% dividend yield.
Following these transactions, Schatz holds 29,200 shares of Class A common stock. In addition, he owns 218,833 shares of Class B common stock, including 21,846 shares that are not subject to vesting or transfer restrictions and 196,987 fully vested options to purchase Class B common stock. These sales and holdings reflect Schatz’s current investment position in Townsquare Media, which has a market cap of $148.32 million and maintains “decent” financial health score according to InvestingProwhich offers 7 additional key insights into the company’s performance and outlook.
In other recent news, Townsquare Media announced a new $50 million share repurchase plan, replacing a similar plan set to expire in 2024. The company also reported a slight increase in net income to $115.3 million in its earnings report for third quarter of 2024, with digital income accounting for more than half of the total. The digital advertising segment, which grew by 5%, and programmatic advertising, which grew by 10%, were the key growth drivers. Despite the decline in national advertising, Townsquare Interactive is forecast to show year-over-year revenue growth in the fourth quarter.
The company also announced plans to refinance its debt in early 2025, anticipating favorable changes in interest rates. This development comes on top of strong cash flow that led to $24 million in stock buybacks and $36 million in bond buybacks. A partnership with SummitMedia for a white label digital programmatic advertising solution is also expected to develop in 2025. These are recent developments in Townsquare Media’s financial strategy and operations.
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