Bank of New York Mellon Corp Has $793,000 Position in Salem Communications Corp. (SALM)
Bank of New York Mellon Corp boosted its stake in shares of Salem Communications Corp. (NASDAQ:SALM) by 33.0% during the second quarter, Holdings Channel reports. The fund owned 109,911 shares of the company’s stock after buying an additional 27,281 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Salem Communications Corp. worth $793,000 at the end of the most recent quarter.
Separately, Acadian Asset Management LLC purchased a new stake in Salem Communications Corp. during the second quarter valued at approximately $218,000. Hedge funds and other institutional investors own 30.31% of the company’s stock.
Shares of Salem Communications Corp. (NASDAQ:SALM) traded up 3.54% during trading on Wednesday, hitting $5.85. 11,109 shares of the company traded hands. Salem Communications Corp. has a 52-week low of $3.60 and a 52-week high of $8.17. The company has a 50-day moving average of $6.08 and a 200-day moving average of $6.69. The stock has a market capitalization of $150.98 million, a PE ratio of 13.93 and a beta of 1.29.
Salem Communications Corp. (NASDAQ:SALM) last released its earnings results on Thursday, August 4th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.03. The company earned $67.80 million during the quarter, compared to the consensus estimate of $69.35 million. Salem Communications Corp. had a return on equity of 5.04% and a net margin of 4.10%. Equities analysts expect that Salem Communications Corp. will post $0.42 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were given a $0.065 dividend. This represents a $0.26 annualized dividend and a yield of 4.60%. The ex-dividend date was Thursday, September 15th. Salem Communications Corp.’s dividend payout ratio is currently 61.90%.
Separately, Zacks Investment Research raised shares of Salem Communications Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, July 26th.
About Salem Communications Corp.
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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