Salem Communications Corp. (NASDAQ:SALM) shot up 4.6% during trading on Tuesday . The company traded as high as $7.80 and last traded at $7.77, with a volume of 123,766 shares trading hands. The stock had previously closed at $7.43.

Separately, Zacks Investment Research cut shares of Salem Communications Corp. from a “buy” rating to a “hold” rating in a report on Wednesday.

The stock has a 50-day moving average price of $6.63 and a 200-day moving average price of $5.67. The company has a market capitalization of $195.92 million and a price-to-earnings ratio of 17.86.

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 firm earned $64.60 million during the quarter, compared to analyst estimates of $63.43 million. Equities analysts expect that Salem Communications Corp. will post $0.46 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Thursday, June 16th were issued a $0.065 dividend. The ex-dividend date was Tuesday, June 14th. This represents a $0.26 annualized dividend and a yield of 3.39%.

In related news, insider David Evans sold 34,996 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $7.35, for a total value of $257,220.60. Following the completion of 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 filing with the SEC, which can be accessed through the SEC website.

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.