Zacks Investment Research upgraded shares of Salem Media Group, Inc. (NASDAQ:SALM) from a sell rating to a hold rating in a report released on Wednesday morning.
According to Zacks, “Salem Media Group, Inc. is a radio broadcaster, Internet content provider and magazine and book publisher specializing in Christian and Conservative content. Its operating segment consists of Broadcast, Digital Media and Publishing. Broadcasting segment is engaged in the ownership and operation of radio stations in metropolitan markets. Digital Media segment focuses on Web-based platform designed. Publishing segment consists of Regnery Publishing, Xulon Press and Salem Publishing. Salem Media Group, Inc., formerly known as Salem Communications Corporation, is headquartered in Camarillo, California. “
A number of other equities analysts also recently weighed in on the stock. ValuEngine raised shares of Salem Media Group from a hold rating to a buy rating in a research note on Tuesday, June 20th. Noble Financial reaffirmed a buy rating on shares of Salem Media Group in a research note on Tuesday, August 8th.
Shares of Salem Media Group (NASDAQ SALM) traded down 3.01% during midday trading on Wednesday, hitting $6.45. The stock had a trading volume of 9,811 shares. The firm has a market cap of $168.46 million, a price-to-earnings ratio of 22.32 and a beta of 1.20. Salem Media Group has a 12-month low of $5.00 and a 12-month high of $8.25. The company’s 50-day moving average price is $6.30 and its 200-day moving average price is $6.94.
Salem Media Group (NASDAQ:SALM) last announced its earnings results on Monday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.03. Salem Media Group had a net margin of 2.75% and a return on equity of 6.26%. The company had revenue of $66.11 million for the quarter, compared to the consensus estimate of $67.47 million. Equities research analysts forecast that Salem Media Group will post $0.25 EPS for the current year.
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The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 22nd were paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date was Thursday, September 21st. Salem Media Group’s dividend payout ratio (DPR) is presently 92.86%.
Several hedge funds and other institutional investors have recently bought and sold shares of SALM. Bank of New York Mellon Corp increased its stake in shares of Salem Media Group by 4.3% in the first quarter. Bank of New York Mellon Corp now owns 218,211 shares of the company’s stock worth $1,625,000 after acquiring an additional 8,955 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Salem Media Group by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,049,571 shares of the company’s stock worth $7,819,000 after acquiring an additional 10,771 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Salem Media Group by 72.2% in the first quarter. Goldman Sachs Group Inc. now owns 46,207 shares of the company’s stock worth $344,000 after acquiring an additional 19,373 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Salem Media Group by 11.4% in the second quarter. Russell Investments Group Ltd. now owns 46,434 shares of the company’s stock worth $330,000 after acquiring an additional 4,767 shares during the last quarter. Finally, JPMorgan Chase & Co. acquired a new position in shares of Salem Media Group in the second quarter worth $1,815,000. 30.51% of the stock is currently owned by institutional investors and hedge funds.
About Salem Media Group
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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