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.
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.
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