Salem Media Group, Inc. (SALM) Stock Rating Upgraded by ValuEngine

Salem Media Group, Inc. (NASDAQ:SALM) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Tuesday.

Separately, Zacks Investment Research raised Salem Media Group from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Wednesday, March 15th.

Salem Media Group (NASDAQ SALM) traded up 0.70% on Tuesday, hitting $7.15. The stock had a trading volume of 16,994 shares. The stock has a market cap of $186.06 million, a P/E ratio of 19.38 and a beta of 1.22. Salem Media Group has a one year low of $5.00 and a one year high of $8.25. The company’s 50-day moving average is $7.26 and its 200-day moving average is $6.89.

Salem Media Group (NASDAQ:SALM) last announced its earnings results on Monday, May 8th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by $0.04. Salem Media Group had a return on equity of 6.42% and a net margin of 3.49%. The business had revenue of $64.98 million for the quarter, compared to analysts’ expectations of $65.27 million. On average, analysts anticipate that Salem Media Group will post $0.38 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 16th will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 3.66%. The ex-dividend date is Wednesday, June 14th. Salem Media Group’s payout ratio is 72.22%.

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In other news, insider David Evans sold 11,893 shares of Salem Media Group stock in a transaction dated Thursday, March 30th. The stock was sold at an average price of $7.53, for a total transaction of $89,554.29. Following the sale, the insider now directly owns 49,912 shares of the company’s stock, valued at $375,837.36. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Edward G. Atsinger III sold 17,979 shares of Salem Media Group stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $7.06, for a total value of $126,931.74. Following the sale, the chief executive officer now directly owns 48,804 shares in the company, valued at $344,556.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,216 shares of company stock worth $435,984. Corporate insiders own 60.04% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Acadian Asset Management LLC increased its position in Salem Media Group by 24.6% in the first quarter. Acadian Asset Management LLC now owns 25,223 shares of the company’s stock worth $188,000 after buying an additional 4,973 shares during the period. Hancock Holding Co. purchased a new position in Salem Media Group during the first quarter worth approximately $196,000. Russell Investments Group Ltd. purchased a new position in Salem Media Group during the fourth quarter worth approximately $299,000. Goldman Sachs Group Inc. increased its position in 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 buying an additional 19,373 shares during the period. Finally, Geode Capital Management LLC increased its position in Salem Media Group by 7.6% in the first quarter. Geode Capital Management LLC now owns 82,367 shares of the company’s stock worth $613,000 after buying an additional 5,792 shares during the period. Institutional investors and hedge funds own 29.69% of the company’s stock.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:SALM”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

To view ValuEngine’s full report, visit ValuEngine’s official website.

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