The Zacks: Brokerages Set $9.00 Target Price for Salem Media Group, Inc. (SALM), Report finds

The Zacks: Brokerages Set $9.00 Target Price for Salem Media Group, Inc. (SALM), Report finds

Analysts have set a 12-month consensus target price of $9.00 for the company and are predicting that the company will post $0.16 EPS for the current quarter, according to Zacks. Zacks has also assigned Salem Media Group an industry rank of 93 out of 265 based on the ratings given to its competitors.

Salem Media Group, Inc. (NASDAQ:SALM) has been assigned an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy rating.

Salem Media Group (NASDAQ:SALM) opened at 6.80 on Wednesday. The company’s 50-day moving average is $6.43 and its 200 day moving average is $6.21. The stock has a market capitalization of $175.60 million, a PE ratio of 15.81 and a beta of 1.41. Salem Media Group has a 12-month low of $4.10 and a 12-month high of $8.17.

A number of hedge funds and other institutional investors have recently made changes to their positions in SALM. Bank of New York Mellon Corp raised its position in Salem Media Group by 33.0% in the second quarter. Bank of New York Mellon Corp now owns 109,911 shares of the company’s stock valued at $793,000 after buying an additional 27,281 shares during the period. California State Teachers Retirement System acquired a new position in Salem Media Group during the second quarter valued at approximately $167,000. Emerald Acquisition Ltd. acquired a new position in Salem Media Group during the second quarter valued at approximately $765,000. Schwab Charles Investment Management Inc. acquired a new position in Salem Media Group during the second quarter valued at approximately $193,000. Finally, Royal Bank of Canada raised its position in Salem Media Group by 2.4% in the second quarter. Royal Bank of Canada now owns 255,089 shares of the company’s stock valued at $1,841,000 after buying an additional 6,075 shares during the period. 31.24% of the stock is owned by institutional investors.

Salem Media Group Company Profile

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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