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.
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