[Form 4] Saga Communications, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing overview: On 07/11/2025 the Edward K. Christian Trust, a 10 % owner of Saga Communications, Inc. (SGA), disclosed the sale of 3,300 Class A common shares. The weighted-average price was $13.6264, with individual trades executed between $13.50 and $14.00. After the transaction the Trust directly owns 905,403 shares. No derivative security dealings were reported.

The filing contains no narrative on strategic motives; however, Form 4s are closely watched because insider activity can hint at sentiment toward the company’s valuation, liquidity, or personal diversification needs.

Positive

• Substantial remaining ownership: The Trust still holds 905,403 shares, maintaining significant insider alignment with shareholders.

Negative

• Insider selling event: A 10 % owner sold 3,300 shares, which some investors may interpret as a potential soft-bearish sentiment signal.

Insights

Securities Analyst

TL;DR: Minor insider sale; limited signal strength.

The 3,300-share disposition represents a very small fraction of the Trust’s 905k-share stake, suggesting routine portfolio rebalancing rather than a meaningful shift in outlook. With no derivatives, amendments, or concurrent executive sales, market impact is likely negligible. Investors should watch for follow-on filings to identify any emerging trend.

Portfolio Manager

TL;DR: Neutral—monitor but do not overreact.

Insider selling often raises yellow flags, yet the size, price range ($13.50–$14.00), and remaining large holding indicate confidence retention. Absent broader selling or adverse fundamentals, I classify this as routine liquidity management and maintain a neutral stance on SGA.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Edward K. Christian Trust

(Last) (First) (Middle)

500 WOODWARD AVENUE

SUITE 4000

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SAGA COMMUNICATIONS INC [ SGA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/11/2025		S		3,300	D	$13.6264(1)	905,403	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $13.50 to $14.00, inclusive. The Reporting Person undertakes to provide Saga Communications, Inc., any security holder of Saga Communications, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.

	Judith Christian, Trustee	07/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many SGA shares did Edward K. Christian Trust sell?

The Trust sold 3,300 Class A common shares on 07/11/2025.

What was the sale price range disclosed in the Form 4 for SGA?

Trades occurred between $13.50 and $14.00, with a weighted-average price of $13.6264.

How many Saga Communications shares does the insider own after the transaction?

Post-sale, the Trust reports ownership of 905,403 shares held directly.

Were any derivative securities involved in this insider transaction?

No. The filing shows no derivative security acquisitions or disposals.

Why is a Form 4 important to investors?

Form 4 filings reveal real-time insider trading activity, helping investors gauge management sentiment and potential valuation signals.