Salem Media Group shares started the month of September at their lowest price since July 2009.
That didn’t stop the Board of Directors for the owner of Christian-themed and conservative talk-focused radio stations from declaring a cash dividend for the third quarter.
A cash distribution for the third quarter of 2019 in the amount of $0.065 per share has been agreed upon by Salem’s board, the company announced Wednesday (9/11).
The distribution will be paid on September 30 to all Class A and Class B common stockholders of record as of September 23.
On the announcement, Salem shares, traded on Nasdaq, were up 4 cents — to $1.57.
While that’s a dime higher than where SALM was at the start of the month, its lowest price in more than a decade, 2019 has proven to be a most-difficult one for investors.
With a market cap of $41.8 million as of 2:10pm Eastern, Salem is off from a year-to-date high of $3.13. That was seen in mid-March.
Exactly one year ago, SALM was its way to a Sept. 17, 2018 close of $4 per share.
Salem still bears a $3.63 target price from Wall Street. But, analysts also note that, while short term advantages could be seen from investing in Salem, the stock’s mid-term outlook is unfavorable, with long-term investment yielding average results.