Zacks Investment Research upgraded shares of Salem Media Group (NASDAQ:SALM) from a sell rating to a hold rating in a research report released on Wednesday.

According to Zacks, “Salem Media Group, Inc. is a radio broadcaster, Internet content provider and magazine and book publisher specializing in Christian and Conservative content. Its operating segment consists of Broadcast, Digital Media and Publishing. Broadcasting segment is engaged in the ownership and operation of radio stations in metropolitan markets. Digital Media segment focuses on Web-based platform designed. Publishing segment consists of Regnery Publishing, Xulon Press and Salem Publishing. Salem Media Group, Inc., formerly known as Salem Communications Corporation, is headquartered in Camarillo, California. “

Several other equities analysts also recently weighed in on the company. TheStreet downgraded Salem Media Group from a c rating to a d+ rating in a research note on Tuesday, August 21st. Noble Financial reaffirmed a hold rating on shares of Salem Media Group in a research note on Wednesday, August 15th. ValuEngine raised Salem Media Group from a sell rating to a hold rating in a research report on Tuesday, July 31st. Finally, Gabelli reissued a buy rating on shares of Salem Media Group in a research report on Wednesday, June 20th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Salem Media Group presently has an average rating of Hold and a consensus target price of $7.63.

NASDAQ SALM remained flat at $$3.27 during mid-day trading on Wednesday. The company had a trading volume of 35,280 shares, compared to its average volume of 85,792. Salem Media Group has a 12-month low of $3.10 and a 12-month high of $6.70. The stock has a market cap of $89.01 million, a P/E ratio of 14.86 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.07 and a debt-to-equity ratio of 1.06.

Salem Media Group (NASDAQ:SALM) last released its quarterly earnings data on Wednesday, August 8th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.16). Salem Media Group had a net margin of 7.98% and a return on equity of 1.90%. The firm had revenue of $66.27 million during the quarter, compared to analysts’ expectations of $65.65 million. Equities research analysts anticipate that Salem Media Group will post 0.23 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Monday, September 17th were given a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a yield of 7.95%. The ex-dividend date of this dividend was Friday, September 14th. Salem Media Group’s payout ratio is 118.18%.

In related news, CEO Edward G. Atsinger III purchased 27,553 shares of the company’s stock in a transaction on Wednesday, August 15th. The stock was bought at an average price of $3.50 per share, with a total value of $96,435.50. Following the completion of the transaction, the chief executive officer now owns 27,553 shares of the company’s stock, valued at approximately $96,435.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 59.99% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its position in Salem Media Group by 1.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,224,454 shares of the company’s stock worth $6,306,000 after buying an additional 22,729 shares in the last quarter. First Wilshire Securities Management Inc. increased its position in Salem Media Group by 3.4% during the second quarter. First Wilshire Securities Management Inc. now owns 415,739 shares of the company’s stock worth $2,141,000 after buying an additional 13,554 shares in the last quarter. North Star Investment Management Corp. increased its position in Salem Media Group by 10.1% during the third quarter. North Star Investment Management Corp. now owns 380,759 shares of the company’s stock worth $1,295,000 after buying an additional 35,034 shares in the last quarter. Foundry Partners LLC purchased a new position in Salem Media Group during the first quarter worth $1,105,000. Finally, Millennium Management LLC purchased a new position in Salem Media Group during the second quarter worth $1,234,000. 28.87% of the stock is owned by 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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