Salem Board OKs Cash Distribution


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.

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