ValuEngine upgraded shares of Salem Media Group, Inc. (NASDAQ:SALM) from a hold rating to a buy rating in a research report sent to investors on Monday morning.

A number of other research firms have also issued reports on SALM. Zacks Investment Research upgraded Salem Media Group from a sell rating to a hold rating in a research report on Wednesday, July 12th. Noble Financial restated a buy rating on shares of Salem Media Group in a research note on Tuesday, August 8th.

Salem Media Group (NASDAQ:SALM) opened at 6.60 on Monday. Salem Media Group has a 12-month low of $5.00 and a 12-month high of $8.25. The stock has a 50 day moving average price of $6.28 and a 200-day moving average price of $6.96. The firm has a market cap of $172.38 million, a price-to-earnings ratio of 22.84 and a beta of 1.20.

Salem Media Group (NASDAQ:SALM) last posted its earnings results on Monday, August 7th. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.07 by $0.03. The company had revenue of $66.11 million during the quarter, compared to analyst estimates of $67.47 million. Salem Media Group had a return on equity of 6.26% and a net margin of 2.75%. Equities analysts forecast that Salem Media Group will post $0.25 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 22nd were issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 3.94%. The ex-dividend date was Thursday, September 21st. Salem Media Group’s dividend payout ratio (DPR) is 92.86%.

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its position in Salem Media Group by 17.9% in the 2nd quarter. State Street Corp now owns 149,513 shares of the company’s stock valued at $1,061,000 after purchasing an additional 22,696 shares during the last quarter. Cornerstone Capital Management Holdings LLC. boosted its stake in Salem Media Group by 23.7% during the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 17,200 shares of the company’s stock valued at $121,000 after purchasing an additional 3,300 shares during the period. Dimensional Fund Advisors LP boosted its stake in Salem Media Group by 5.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,101,909 shares of the company’s stock valued at $7,824,000 after purchasing an additional 52,338 shares during the period. FMR LLC acquired a new position in Salem Media Group during the 2nd quarter valued at about $1,330,000. Finally, Northern Trust Corp grew its position in Salem Media Group by 4.5% in the 2nd quarter. Northern Trust Corp now owns 119,592 shares of the company’s stock worth $849,000 after purchasing an additional 5,106 shares during the last quarter. 30.51% of the stock is currently owned by institutional investors and hedge funds.

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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