Gannett Co Inc (GCI) to Issue Quarterly Dividend of $0.16 on December 24th

Gannett Co Inc (NYSE:GCI) declared a quarterly dividend on Wednesday, October 17th, RTT News reports. Investors of record on Monday, December 10th will be paid a dividend of 0.16 per share on Monday, December 24th. This represents a $0.64 annualized dividend and a yield of 6.34%. The ex-dividend date is Friday, December 7th.

Gannett has decreased its dividend payment by an average of 7.2% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Gannett has a payout ratio of 59.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Gannett to earn $1.03 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 62.1%.

Shares of NYSE GCI opened at $10.10 on Thursday. The stock has a market cap of $1.14 billion, a P/E ratio of 9.81 and a beta of 0.85. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.02 and a current ratio of 1.02. Gannett has a 12-month low of $9.04 and a 12-month high of $12.38.

Gannett (NYSE:GCI) last issued its quarterly earnings results on Thursday, November 8th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.03. The business had revenue of $711.70 million for the quarter, compared to the consensus estimate of $723.60 million. Gannett had a net margin of 0.52% and a return on equity of 12.75%. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 EPS. On average, sell-side analysts forecast that Gannett will post 1.13 earnings per share for the current fiscal year.

Several research analysts recently issued reports on GCI shares. Noble Financial set a $15.00 price target on shares of Gannett and gave the stock a “buy” rating in a research report on Tuesday, August 28th. TheStreet downgraded shares of Gannett from a “b-” rating to a “c” rating in a research report on Thursday, November 8th. Zacks Investment Research downgraded shares of Gannett from a “hold” rating to a “sell” rating in a research report on Tuesday, October 23rd. Finally, ValuEngine upgraded shares of Gannett from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Gannett presently has a consensus rating of “Hold” and a consensus target price of $12.00.

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About Gannett

Gannett Co, Inc operates as a media and marketing solutions company. The company operates through Publishing and ReachLocal segments. The company offers print and digital daily and non-daily publications under the USA TODAY NETWORK brand name in the United States; and Newsquest, which has print and online publications portfolio of approximately 170 news brands and 80 magazines in the United Kingdom.

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Dividend History for Gannett (NYSE:GCI)

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