Scott Schatz, Executive Vice President of Financial Operations and Technology at Townsquare Media, Inc. (NYSE:), recently sold the company's Class A common stock. According to a Form 4 filed with the SEC, Schatz sold a total of 2,166 shares over two days at prices ranging from $9.10 to $9.30 per share, amounting to a total transaction value of $20,123. The stock is currently trading at $9.56, and analysts are setting price targets between $17 and $21. InvestingPro Data shows that the company offers an attractive dividend yield of 8.26%.
Following these transactions, Schatz has 29,200 shares of Class A common stock. In addition, he owns 218,833 shares of Class B common stock, including 21,846 shares 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 capitalization of $148.32 million and maintains a financial health score of “Fair” according to InvestingProwhich provides 7 additional key insights into the company's performance and outlook.
In other recent news, Townsquare Media announced a new $50 million stock buyback plan, replacing a similar plan set to expire in 2024. The company also announced slight growth in net revenue to $115.3 million in its third-quarter earnings call from 2024, with digital revenue accounting for more than half of the total. Digital advertising, which grew by 5%, and programmatic advertising, which increased by 10%, were the main drivers of growth. Despite the decline in national broadcast advertising, Townsquare Interactive is expected to show year-over-year revenue growth in the fourth quarter.
The company also announced plans to refinance debt in early 2025, anticipating favorable shifts in interest rates. This development comes alongside strong cash flow that led to $24 million in stock repurchases and $36 million in bond repurchases. The partnership with SummitMedia for a white-label digital programmatic advertising solution is also expected to be strengthened in 2025. These are the latest developments in Townsquare Media's financial strategy and operations.
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