Salem Media Group, Inc. Announces Quarterly Dividend of $0.07 (SALM)
Salem Media Group, Inc. (NASDAQ:SALM) announced a quarterly dividend on Wednesday, September 13th, Wall Street Journal reports. Investors of record on Friday, September 22nd will be given a dividend of 0.065 per share on Friday, September 29th. This represents a $0.26 annualized dividend and a yield of 4.13%. The ex-dividend date of this dividend is Thursday, September 21st.
Shares of Salem Media Group (NASDAQ:SALM) opened at 6.30 on Thursday. The company’s 50-day moving average is $6.56 and its 200 day moving average is $7.05. The firm has a market capitalization of $164.54 million, a price-to-earnings ratio of 21.80 and a beta of 1.19. Salem Media Group has a 1-year low of $5.00 and a 1-year high of $8.25.
Salem Media Group (NASDAQ:SALM) last posted its quarterly earnings data on Monday, August 7th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.03. The firm had revenue of $66.11 million during the quarter, compared to analysts’ expectations of $67.47 million. Salem Media Group had a net margin of 2.75% and a return on equity of 6.26%. On average, analysts expect that Salem Media Group will post $0.25 EPS for the current fiscal year.
In other news, CEO Edward G. Atsinger III sold 3,528 shares of Salem Media Group stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $7.45, for a total transaction of $26,283.60. Following the completion of the sale, the chief executive officer now owns 42,654 shares in the company, valued at approximately $317,772.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 4,119 shares of company stock valued at $30,692. 60.04% of the stock is owned by corporate insiders.
An institutional investor recently raised its position in Salem Media Group stock. State Street Corp lifted its holdings in shares of Salem Media Group, Inc. (NASDAQ:SALM) by 17.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,513 shares of the company’s stock after buying an additional 22,696 shares during the quarter. State Street Corp owned about 0.57% of Salem Media Group worth $1,061,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 30.51% of the company’s stock.
Several research firms have weighed in on SALM. Zacks Investment Research cut shares of Salem Media Group from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. ValuEngine upgraded shares of Salem Media Group from a “hold” rating to a “buy” rating in a research report on Thursday, August 10th. Finally, Noble Financial restated a “buy” rating on shares of Salem Media Group in a research report on Tuesday, August 8th.
Salem Media Group Company Profile
Salem Media Group, Inc, formerly Salem Communications Corporation, is a multi-media company specializing in Christian and Conservative content, with media properties consisting of radio broadcasting, digital media, and book, magazine and newsletter publishing. The Company operates through three segments: Broadcast, Digital Media and Publishing.
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