Salem Media Group Inc (NASDAQ:SALM) Declares $0.07 Quarterly Dividend

Salem Media Group Inc (NASDAQ:SALM) announced a quarterly dividend on Wednesday, September 11th, Zacks reports. Stockholders of record on Monday, September 23rd will be paid a dividend of 0.065 per share on Monday, September 30th. This represents a $0.26 annualized dividend and a dividend yield of 16.05%. The ex-dividend date of this dividend is Friday, September 20th.

Salem Media Group has a payout ratio of 113.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Salem Media Group to earn ($0.14) 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 -185.7%.

Shares of NASDAQ SALM opened at $1.62 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.61 and a current ratio of 0.62. The business’s 50 day moving average price is $1.76 and its 200-day moving average price is $2.21. Salem Media Group has a fifty-two week low of $1.42 and a fifty-two week high of $4.05. The company has a market cap of $40.72 million, a price-to-earnings ratio of 18.00 and a beta of 1.66.

Salem Media Group (NASDAQ:SALM) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.18). Salem Media Group had a negative return on equity of 0.94% and a negative net margin of 2.01%. The business had revenue of $64.68 million during the quarter, compared to analysts’ expectations of $65.09 million. Sell-side analysts predict that Salem Media Group will post -0.02 earnings per share for the current year.

Several brokerages have recently weighed in on SALM. ValuEngine downgraded Salem Media Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 4th. Noble Financial reiterated a “buy” rating and issued a $3.25 price target on shares of Salem Media Group in a report on Wednesday, August 14th. Finally, Zacks Investment Research downgraded Salem Media Group from a “hold” rating to a “strong sell” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating and two have assigned a buy rating to the company. Salem Media Group presently has a consensus rating of “Hold” and an average target price of $2.88.

In other Salem Media Group news, CEO Edward G. Atsinger III purchased 31,443 shares of Salem Media Group stock in a transaction dated Friday, August 30th. The shares were purchased at an average cost of $1.48 per share, for a total transaction of $46,535.64. Following the completion of the acquisition, the chief executive officer now owns 41,323 shares in the company, valued at approximately $61,158.04. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 55.66% of the company’s stock.

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.

Read More: What is the Book Value of a Share?

Dividend History for Salem Media Group (NASDAQ:SALM)

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.