Salem Media Group (NASDAQ:SALM) Shares Up 10.5%

Salem Media Group Inc (NASDAQ:SALM) shot up 10.5% on Friday . The company traded as high as $1.84 and last traded at $1.79, 69,911 shares traded hands during trading. An increase of 11% from the average session volume of 62,757 shares. The stock had previously closed at $1.62.

A number of brokerages have recently weighed in on SALM. Zacks Investment Research lowered Salem Media Group from a “hold” rating to a “strong sell” rating in a research note on Friday, August 16th. ValuEngine downgraded Salem Media Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 4th. Finally, Noble Financial reissued a “buy” rating and set a $3.25 price target on shares of Salem Media Group in a research report on Wednesday, August 14th. Two research analysts have rated the stock with a sell rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $2.88.

The stock has a fifty day simple moving average of $1.76 and a two-hundred day simple moving average of $2.20. The company has a quick ratio of 0.61, a current ratio of 0.62 and a debt-to-equity ratio of 1.33.

Salem Media Group (NASDAQ:SALM) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.12) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.06 by ($0.18). Salem Media Group had a negative net margin of 2.01% and a negative return on equity of 0.94%. The firm had revenue of $64.68 million for the quarter, compared to analyst estimates of $65.09 million. Equities research analysts expect that Salem Media Group Inc will post -0.02 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 23rd will be issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 14.53%. The ex-dividend date is Friday, September 20th. Salem Media Group’s dividend payout ratio (DPR) is 288.89%.

In other news, CEO Edward G. Atsinger III acquired 31,443 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were bought at an average price of $1.48 per share, with a total value of $46,535.64. Following the acquisition, the chief executive officer now directly owns 41,323 shares in the company, valued at approximately $61,158.04. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 55.66% of the company’s stock.

A number of large investors have recently made changes to their positions in SALM. Bailard Inc. raised its position in Salem Media Group by 102.5% during the 2nd quarter. Bailard Inc. now owns 57,309 shares of the company’s stock worth $139,000 after purchasing an additional 29,009 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Salem Media Group by 52.9% in the 2nd quarter. Acadian Asset Management LLC now owns 63,327 shares of the company’s stock worth $153,000 after acquiring an additional 21,922 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Salem Media Group by 19.9% in the 2nd quarter. Renaissance Technologies LLC now owns 192,598 shares of the company’s stock worth $468,000 after acquiring an additional 32,000 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Salem Media Group by 2.6% in the 2nd quarter. Vanguard Group Inc. now owns 365,676 shares of the company’s stock worth $889,000 after acquiring an additional 9,302 shares in the last quarter. Finally, OneAscent Financial Services LLC bought a new position in shares of Salem Media Group in the 2nd quarter worth about $91,000. 21.94% of the stock is owned by institutional investors and hedge funds.

About Salem Media Group (NASDAQ:SALM)

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.

Featured Story: Gap Down Stocks

Receive News & Ratings for Salem Media Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Salem Media Group and related companies with MarketBeat.com's FREE daily email newsletter.