Salem Communications Corp. (NASDAQ:SALM) has earned an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.
Brokerages have set a 12-month consensus target price of $10.00 for the company and are expecting that the company will post $0.11 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Salem Communications Corp. an industry rank of 183 out of 265 based on the ratings given to its competitors.
Separately, Zacks Investment Research upgraded shares of Salem Communications Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, July 26th.
In other Salem Communications Corp. news, insider David P. Santrella sold 39,173 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $8.01, for a total transaction of $313,775.73. Following the completion of the transaction, the insider now owns 35,828 shares in the company, valued at approximately $286,982.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 61.47% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SALM. BlackRock Fund Advisors raised its position in Salem Communications Corp. by 856.5% in the second quarter. BlackRock Fund Advisors now owns 289,506 shares of the company’s stock valued at $2,090,000 after buying an additional 259,238 shares during the last quarter. Emerald Acquisition Ltd. purchased a new position in Salem Communications Corp. during the second quarter valued at about $765,000. State Street Corp purchased a new position in Salem Communications Corp. during the second quarter valued at about $614,000. BlackRock Institutional Trust Company N.A. raised its position in Salem Communications Corp. by 17.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 419,171 shares of the company’s stock valued at $3,026,000 after buying an additional 61,235 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Salem Communications Corp. by 18.8% in the second quarter. Vanguard Group Inc. now owns 275,893 shares of the company’s stock valued at $1,992,000 after buying an additional 43,739 shares during the last quarter. Hedge funds and other institutional investors own 30.31% of the company’s stock.
Shares of Salem Communications Corp. (NASDAQ:SALM) traded up 2.75% on Wednesday, reaching $5.97. 29,370 shares of the company were exchanged. The company’s 50-day moving average price is $6.19 and its 200 day moving average price is $6.66. Salem Communications Corp. has a 12 month low of $3.60 and a 12 month high of $8.17. The company has a market cap of $154.08 million, a price-to-earnings ratio of 14.21 and a beta of 1.29.
Salem Communications Corp. (NASDAQ:SALM) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.03. The business earned $67.80 million during the quarter, compared to analyst estimates of $69.35 million. Salem Communications Corp. had a net margin of 4.10% and a return on equity of 5.04%. On average, equities research analysts expect that Salem Communications Corp. will post $0.42 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, September 19th were issued a $0.065 dividend. The ex-dividend date was Thursday, September 15th. This represents a $0.26 dividend on an annualized basis and a yield of 4.48%. Salem Communications Corp.’s dividend payout ratio (DPR) is presently 61.90%.
About Salem Communications Corp.
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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