Insider Selling: Christopher Henderson Sells 5,730 Shares of Salem Communications Corp. Stock (SALM)
Salem Communications Corp. (NASDAQ:SALM) SVP Christopher Henderson unloaded 5,730 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $8.50, for a total transaction of $48,705.00. The sale was disclosed in a filing with the SEC, which is available at this link.
A number of analysts have recently weighed in on SALM shares. Analysts at Zacks upgraded shares of Salem Communications Corp. (NASDAQ:SALM) from an “underperform” rating to a “neutral” rating in a research note to investors on Friday, July 12th. They now have a $8.10 price target on the stock. Analysts at Thomson Reuters/Verus downgraded shares of Salem Communications Corp. (NASDAQ:SALM) from a “hold” rating to a “sell” rating in a research note to investors on Monday, July 8th.
Salem Communications Corp. (NASDAQ:SALM) traded down 1.07% during mid-day trading on Tuesday, hitting $8.36. 24,493 shares of the company’s stock traded hands. Salem Communications Corp. has a 52 week low of $4.62 and a 52 week high of $10.14. The stock has a 50-day moving average of $7.98 and a 200-day moving average of $7.96. The company’s market cap is $207.4 million.
Salem Communications Corp. (NASDAQ:SALM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. The company had revenue of $60.10 million for the quarter, compared to the consensus estimate of $59.30 million. Analysts expect that Salem Communications Corp. will post $-0.25 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, October 4th. Stockholders of record on Thursday, September 26th will be given a dividend of $0.05 per share. This represents a $0.21 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Tuesday, September 24th. This is a boost from Salem Communications Corp.’s previous quarterly dividend of $0.05.
Salem Communications Corporation (NASDAQ:SALM) is a domestic multi-media company with integrated business operations covering radio broadcasting, publishing and the Internet.
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