Investors who have stuck by Salem Media Group are in for a treat.
The media company known for Christian-themed programming and Conservative Talk AMs saw its board of directors declare a cash dividend for Q1.
The decision comes as Salem tries to recover from its worst stock performance in 7 years.
Salem’s Board of Directors on Thursday (3/7) declared a cash distribution for Q1 2019 of $0.065 per share.
The cash distribution will be paid on March 29 to all Class A and Class B common stockholders of record as of March 19.
By then, Salem stock could be above $3 again — or flirting with a new low.
With a 1-year target estimate of $4.75, Salem has been pummeled since July 2018, when a $4.95 price wasn’t out of question.
As of 3pm Eastern, SALM was trading at $2.9852, up 2 1/2 cents.
While that’s movement in the right direction, Salem shares haven’t been so low since February 2012.
That was before a rise to $10 seen in March 2014 — a recent high point for Salem.
That’s much better than September 2011, when Salem shares were $2.25 each. Further, Salem shares were at 52 cents in February 2009.
But, Salem stock had fallen from as high as $30 — seen in May 2004.
What does IHS Markit have to say about Salem?
“Bearish sentiment is low,” it declares.
Additionally, it notes, “Short interest is extremely low for Salem, with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting Salem.”
