Salem Communications Corp. (SALM) Stock Price Up 4.3%
Salem Communications Corp. (NASDAQ:SALM) rose 4.3% during mid-day trading on Thursday . The company traded as high as $8.02 and last traded at $8.01, with a volume of 83,376 shares changing hands. The stock had previously closed at $7.68.
Separately, Zacks Investment Research raised shares of Salem Communications Corp. from a “hold” rating to a “buy” rating and set a $8.50 price objective for the company in a research note on Tuesday, May 10th.
The firm’s 50 day moving average is $7.02 and its 200 day moving average is $5.89. The stock has a market capitalization of $204.34 million and a price-to-earnings ratio of 18.63.
Salem Communications Corp. (NASDAQ:SALM) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.03 by $0.02. The business had revenue of $64.60 million for the quarter, compared to analyst estimates of $63.43 million. Equities analysts expect that Salem Communications Corp. will post $0.46 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Thursday, June 16th were issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 3.25%. The ex-dividend date was Tuesday, June 14th.
In other Salem Communications Corp. news, insider David Evans sold 9,847 shares of Salem Communications Corp. stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $6.75, for a total transaction of $66,467.25. Following the transaction, the insider now owns 25,000 shares of the company’s stock, valued at $168,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Evan D. Masyr sold 78,000 shares of Salem Communications Corp. stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $7.55, for a total transaction of $588,900.00. Following the transaction, the chief financial officer now directly owns 35,018 shares in the company, valued at approximately $264,385.90. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Salem Communications Corp. stock. Dimensional Fund Advisors LP increased its stake in shares of Salem Communications Corp. (NASDAQ:SALM) by 0.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 932,465 shares of the company’s stock after buying an additional 2,586 shares during the period. Dimensional Fund Advisors LP owned 3.66% of Salem Communications Corp. worth $4,644,000 at the end of the most recent reporting period.
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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