Salem Communications Corp. (SALM) Shares Down 3.9%
Salem Communications Corp. (NASDAQ:SALM) shares dropped 3.9% during trading on Monday . The company traded as low as $7.45 and last traded at $7.46, with a volume of 59,847 shares traded. The stock had previously closed at $7.76.
Separately, Zacks Investment Research upgraded Salem Communications Corp. from a “hold” rating to a “buy” rating and set a $8.50 price target on the stock in a research note on Tuesday, May 10th.
The stock has a market cap of $188.78 million and a P/E ratio of 17.21. The company has a 50-day moving average price of $7.07 and a 200-day moving average price of $5.95.
Salem Communications Corp. (NASDAQ:SALM) last posted its earnings results on Wednesday, May 4th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by $0.02. The company had revenue of $64.60 million for the quarter, compared to analyst estimates of $63.43 million. On average, equities analysts predict that Salem Communications Corp. will post $0.46 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 16th were paid a $0.065 dividend. The ex-dividend date of this dividend was Tuesday, June 14th. This represents a $0.26 dividend on an annualized basis and a yield of 3.51%.
In other Salem Communications Corp. news, insider David Evans sold 34,996 shares of the firm’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $7.35, for a total value of $257,220.60. Following the sale, the insider now directly owns 62,814 shares in the company, valued at approximately $461,682.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David P. Santrella sold 39,173 shares of the firm’s stock in a transaction on Monday, July 11th. The stock was sold at an average price of $8.01, for a total transaction of $313,775.73. Following the completion of the sale, the insider now owns 35,828 shares in the company, valued at $286,982.28. 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 Salem Communications Corp. (NASDAQ:SALM) by 0.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 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.
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