Salem Communications Corp. (NASDAQ:SALM) has been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports. One 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 predicting 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 207 out of 265 based on the ratings given to its competitors.
Separately, Zacks Investment Research lowered shares of Salem Communications Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 20th.
In related news, insider David P. Santrella sold 39,173 shares of the company’s stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $8.01, for a total value of $313,775.73. Following the completion of the sale, the insider now directly owns 35,828 shares of the company’s stock, valued at $286,982.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 61.47% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Algert Global LLC raised its stake in Salem Communications Corp. by 13.6% in the first quarter. Algert Global LLC now owns 44,143 shares of the company’s stock worth $254,000 after buying an additional 5,286 shares during the period. Spark Investment Management LLC raised its stake in Salem Communications Corp. by 29.5% in the second quarter. Spark Investment Management LLC now owns 23,700 shares of the company’s stock worth $171,000 after buying an additional 5,400 shares during the period. Royal Bank of Canada raised its stake in Salem Communications Corp. by 2.4% in the second quarter. Royal Bank of Canada now owns 255,089 shares of the company’s stock worth $1,841,000 after buying an additional 6,075 shares during the period. Acrospire Investment Management LLC acquired a new stake in Salem Communications Corp. during the first quarter worth $111,000. Finally, California State Teachers Retirement System acquired a new stake in Salem Communications Corp. during the second quarter worth $167,000. 30.31% of the stock is owned by institutional investors.
Salem Communications Corp. (NASDAQ:SALM) opened at 5.97 on Wednesday. Salem Communications Corp. has a one year low of $3.60 and a one year high of $8.17. The firm has a 50-day moving average of $6.18 and a 200 day moving average of $6.66. The stock has a market capitalization of $154.08 million, a PE ratio of 14.21 and a beta of 1.29.
Salem Communications Corp. (NASDAQ:SALM) last issued its earnings results on Thursday, August 4th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.03. The firm 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 anticipate that Salem Communications Corp. will post $0.42 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Monday, September 19th were paid a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend was Thursday, September 15th. Salem Communications Corp.’s dividend payout ratio (DPR) is presently 61.90%.
Salem Communications Corp. 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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