Noble Financial set a $4.00 price target on Salem Media Group (NASDAQ:SALM) in a research note released on Monday, TipRanks reports. The brokerage currently has a buy rating on the stock.
Several other equities research analysts also recently commented on SALM. Zacks Investment Research raised shares of Salem Media Group from a hold rating to a buy rating and set a $3.00 price objective on the stock in a report on Thursday, January 17th. ValuEngine raised shares of Salem Media Group from a sell rating to a hold rating in a report on Monday, February 4th. TheStreet raised shares of Salem Media Group from a d+ rating to a c- rating in a report on Tuesday, March 12th. Finally, Singular Research reissued a buy rating on shares of Salem Media Group in a report on Friday, March 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $3.50.
Shares of NASDAQ:SALM opened at $2.03 on Monday. The company has a current ratio of 0.60, a quick ratio of 0.81 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $52.88 million, a P/E ratio of 22.56 and a beta of 1.55. Salem Media Group has a fifty-two week low of $1.85 and a fifty-two week high of $6.25.
Salem Media Group (NASDAQ:SALM) last issued its quarterly earnings results on Friday, May 10th. The company reported $0.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.03. The company had revenue of $60.47 million for the quarter, compared to the consensus estimate of $61.12 million. Salem Media Group had a negative net margin of 1.43% and a positive return on equity of 1.21%. On average, analysts expect that Salem Media Group will post 0.09 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 12.81%. The ex-dividend date is Thursday, June 13th. Salem Media Group’s payout ratio is 288.89%.
Institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in shares of Salem Media Group by 104.5% in the fourth quarter. Bank of New York Mellon Corp now owns 28,817 shares of the company’s stock worth $60,000 after buying an additional 14,723 shares in the last quarter. Bailard Inc. purchased a new stake in shares of Salem Media Group in the first quarter worth about $72,000. Acadian Asset Management LLC lifted its holdings in shares of Salem Media Group by 57.8% in the fourth quarter. Acadian Asset Management LLC now owns 37,402 shares of the company’s stock worth $78,000 after buying an additional 13,701 shares in the last quarter. Kennedy Capital Management Inc. purchased a new stake in shares of Salem Media Group in the first quarter worth about $107,000. Finally, Municipal Employees Retirement System of Michigan purchased a new stake in shares of Salem Media Group in the fourth quarter worth about $211,000. 25.05% of the stock is currently owned by hedge funds and other institutional investors.
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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