The company’s stock hasn’t been this low in nearly 10 1/2 years. Non-essential assets are being pared off.
Yes, it’s a tough period for Salem Media Group and its shareholders.
They’ll still be getting a quarterly dividend. But, it’s a lot smaller than the one awarded in Q2 by the media company focused on Christian-themed and conservative talk programming.
The Camarillo, Calif.-based company late Tuesday revealed that its Board of Directors has given its stamp of approval to a Q4 cash distribution in the amount of $0.025 per share.
The cash distribution will be paid on December 30, to all Class A and Class B common stockholders of record as of December 23.
How does that compare to the last two quarters?
It’s a third of what investors were awarded in both Q3 and Q2, when Salem’s board declared a quarterly cash distribution of $0.065 per share.
Investors reacted by sending SALM down a penny in early trading on Wednesday, to $1.48, extending a dismal Q4 performance for a stock that topped out at $3.06 in March, was $5.15 in June 2018, and in April 2017 was at $7.65.
Salem carries a 1-year target estimate of $3.63.
For those in the C-Suite, the immediate focus is drumming up support from institutional investors. As previously reported, Salem was scheduled to present Wednesday (12/11) at the 12th annual LD Micro Main Event in Los Angeles, and tomorrow at the Singular Best of the Uncovered 14th annual conference in San Francisco.
