Townsquare Media EVP Scott Schatz sells $20,123 in stock By Investing.com
Scott Schatz, Vice President of Operations Finance 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 the course of two days at prices ranging from $9.10 to $9.30 per share, for an estimated total transaction value of $20,123. The stock is currently trading at $9.56, with analysts placing a price range of between $17 and $21. InvestingPro data shows that the company offers a positive yield of 8.26%.
Following this transaction, Schatz owns 29,200 shares of Class A common stock. Additionally, 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. This sell and hold reflects the current investment position of Schatz at Townsquare Media, which has a market capitalization of $148.32 million and maintains a financial health score of “Fair” according to InvestingPro, which provides additional 7 key insights into the company’s performance and outlook.
In other recent news, Townsquare Media announced a new $50 million stock repurchase plan, which replaces a similar plan that expires in 2024. The company also reported a slight increase in net profit to $115.3 million in its Q3 2024 earnings call, with digital revenue. accounted for more than half of the total. The digital advertising segment, which grew by 5%, and programmatic advertising, which increased by 10%, were the main drivers of growth. Despite the decline in national advertising, Townsquare Interactive is expected to show annual revenue growth in Q4.
The company also announced plans to refinance its debt in early 2025, pending changes in interest rates. This development comes with strong cash flow that resulted in $24 million in equity purchases and $36 million in bond purchases. A partnership with SummitMedia for a white-label digital advertising solution is also expected to grow in 2025. These are the latest developments in Townsquare Media’s financial strategy and operations.
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