Salem Media Group (SALM) Bonds Trading 1% Lower

An issue of Salem Media Group Inc (NASDAQ:SALM) bonds fell 1% against their face value during trading on Friday. The high-yield issue of debt has a 6.75% coupon and will mature on June 1, 2024. The debt is now trading at $95.50. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.

Several analysts have issued reports on the company. ValuEngine downgraded Salem Media Group from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Zacks Investment Research downgraded Salem Media Group from a “hold” rating to a “sell” rating in a report on Thursday, January 18th. Finally, Noble Financial reaffirmed a “buy” rating on shares of Salem Media Group in a research note on Friday, March 16th.

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NASDAQ:SALM remained flat at $$3.35 on Friday. The company’s stock had a trading volume of 42,569 shares, compared to its average volume of 64,405. The company has a current ratio of 1.11, a quick ratio of 1.09 and a debt-to-equity ratio of 1.08. Salem Media Group Inc has a 52 week low of $3.30 and a 52 week high of $8.25. The stock has a market cap of $92.90, a PE ratio of 15.23 and a beta of 1.11.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 28th. Shareholders of record on Wednesday, March 14th were paid a dividend of $0.065 per share. The ex-dividend date was Tuesday, March 13th. This represents a $0.26 annualized dividend and a yield of 7.76%. Salem Media Group’s dividend payout ratio (DPR) is presently 118.18%.

Large investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. purchased a new position in Salem Media Group during the 3rd quarter valued at about $101,000. Stone Ridge Asset Management LLC purchased a new position in Salem Media Group during the 4th quarter valued at about $158,000. Wells Fargo & Company MN grew its stake in Salem Media Group by 327.9% during the 4th quarter. Wells Fargo & Company MN now owns 45,520 shares of the company’s stock valued at $206,000 after acquiring an additional 34,881 shares in the last quarter. Millennium Management LLC purchased a new position in Salem Media Group during the 4th quarter valued at about $253,000. Finally, Municipal Employees Retirement System of Michigan grew its stake in Salem Media Group by 25.5% during the 4th quarter. Municipal Employees Retirement System of Michigan now owns 58,650 shares of the company’s stock valued at $264,000 after acquiring an additional 11,900 shares in the last quarter. 30.46% of the stock is currently owned by institutional investors.

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About Salem Media Group

Salem Media Group, Inc, formerly Salem Communications Corporation, is a multi-media company specializing in Christian and Conservative content, with media properties consisting of radio broadcasting, digital media, and book, magazine and newsletter publishing. The Company operates through three segments: Broadcast, Digital Media and Publishing.

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