Salem Communications Corp. (SALM) Stock Price Up 4.3%
Salem Communications Corp. (NASDAQ:SALM) shares rose 4.3% during trading on Thursday . The company traded as high as $8.02 and last traded at $8.01, with a volume of 83,376 shares trading hands. The stock had previously closed at $7.68.
Separately, Zacks Investment Research lowered Salem Communications Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, April 6th.
The firm’s 50-day moving average price is $7.05 and its 200-day moving average price is $5.91. The company has a market capitalization of $197.97 million and a P/E ratio of 18.05.
Salem Communications Corp. (NASDAQ:SALM) last announced its quarterly earnings results on Wednesday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by $0.02. The business had revenue of $64.60 million for the quarter, compared to analysts’ expectations of $63.43 million. On average, equities research analysts forecast that Salem Communications Corp. will post $0.46 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Thursday, June 16th were paid a $0.065 dividend. The ex-dividend date was Tuesday, June 14th. This represents a $0.26 annualized dividend and a dividend yield of 3.35%.
In other news, insider David Evans sold 9,847 shares of the business’s stock in a transaction on Friday, May 27th. The shares were sold at an average price of $6.75, for a total value of $66,467.25. Following the sale, the insider now owns 25,000 shares in the company, valued at approximately $168,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Evan D. Masyr sold 78,000 shares of the business’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 35,018 shares in the company, valued at approximately $264,385.90. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Salem Communications Corp. stock. Dimensional Fund Advisors LP boosted its stake in shares of Salem Communications Corp. (NASDAQ:SALM) by 0.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 932,465 shares of the company’s stock after buying an additional 2,586 shares during the period. Dimensional Fund Advisors LP owned about 3.66% of Salem Communications Corp. worth $4,644,000 as of its most recent filing with the SEC.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.