Salem Media Group Inc (SALM) to Issue Quarterly Dividend of $0.07 on September 28th
Salem Media Group Inc (NASDAQ:SALM) announced a quarterly dividend on Wednesday, September 5th, NASDAQ reports. Stockholders of record on Monday, September 17th will be paid a dividend of 0.065 per share on Friday, September 28th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 6.67%. The ex-dividend date is Friday, September 14th.
Salem Media Group has raised its dividend by an average of 2.0% per year over the last three years. Salem Media Group has a payout ratio of 92.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities analysts expect Salem Media Group to earn $0.25 per share next year, which means the company may not be able to cover its $0.26 annual dividend with an expected future payout ratio of 104.0%.
Shares of Salem Media Group stock opened at $3.90 on Thursday. The stock has a market capitalization of $100.79 million, a PE ratio of 17.73 and a beta of 1.12. The company has a current ratio of 1.07, a quick ratio of 1.05 and a debt-to-equity ratio of 1.06. Salem Media Group has a 1 year low of $3.10 and a 1 year high of $6.75.
A number of equities research analysts have recently issued reports on SALM shares. ValuEngine lowered shares of Salem Media Group from a “hold” rating to a “sell” rating in a research note on Tuesday, June 26th. TheStreet lowered shares of Salem Media Group from a “c” rating to a “d+” rating in a research note on Tuesday, August 21st. Zacks Investment Research upgraded shares of Salem Media Group from a “hold” rating to a “strong-buy” rating and set a $4.25 target price on the stock in a research note on Thursday, May 17th. Noble Financial reiterated a “hold” rating on shares of Salem Media Group in a research note on Wednesday, August 15th. Finally, Gabelli reiterated a “buy” rating on shares of Salem Media Group in a research note on Wednesday, June 20th. One analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Salem Media Group has an average rating of “Hold” and an average price target of $7.63.
In other Salem Media Group news, CEO Edward G. Atsinger III acquired 27,553 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were purchased at an average price of $3.50 per share, for a total transaction of $96,435.50. Following the completion of the purchase, the chief executive officer now directly owns 27,553 shares in the company, valued at $96,435.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher J. Henderson sold 4,365 shares of the stock in a transaction dated Friday, July 6th. The stock was sold at an average price of $6.25, for a total transaction of $27,281.25. Following the sale, the executive vice president now owns 4,365 shares in the company, valued at approximately $27,281.25. The disclosure for this sale can be found here. 59.99% of the stock is owned by corporate insiders.
About Salem Media Group
Salem Media Group, Inc operates as a multimedia company in the United States. It operates through three segments: Broadcast, Digital Media, and Publishing. The company owns and operates radio networks, which produce and distribute talk, news, and music programming to radio stations, as well as sells commercial airtime.
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