Insider Selling: Nexstar Broadcasting Group, Inc. (NXST) CFO Sells $198,437.50 in Stock

Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) CFO Thomas Carter sold 3,125 shares of the company’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $63.50, for a total transaction of $198,437.50. Following the transaction, the chief financial officer now owns 67,836 shares in the company, valued at approximately $4,307,586. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of Nexstar Broadcasting Group, Inc. (NXST) opened at 60.70 on Friday. Nexstar Broadcasting Group, Inc. has a one year low of $47.00 and a one year high of $73.90. The stock has a market cap of $2.81 billion, a P/E ratio of 24.97 and a beta of 2.31. The stock has a 50 day moving average of $62.91 and a 200 day moving average of $64.64.

Nexstar Broadcasting Group (NASDAQ:NXST) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.01. The company had revenue of $626.11 million for the quarter, compared to analysts’ expectations of $608.23 million. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. Nexstar Broadcasting Group’s revenue was up 139.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.78 EPS. On average, analysts forecast that Nexstar Broadcasting Group, Inc. will post $3.55 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 25th. Investors of record on Friday, August 11th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Wednesday, August 9th. Nexstar Broadcasting Group’s payout ratio is 48.78%.

Nexstar Broadcasting Group declared that its Board of Directors has initiated a share buyback program on Monday, June 12th that permits the company to repurchase $51.30 million in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

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A number of institutional investors have recently made changes to their positions in NXST. Thompson Siegel & Walmsley LLC purchased a new position in shares of Nexstar Broadcasting Group during the second quarter worth about $125,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Nexstar Broadcasting Group by 98.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock worth $127,000 after buying an additional 901 shares during the period. Blueport Capital L.P. acquired a new position in shares of Nexstar Broadcasting Group during the first quarter worth $140,000. Bronfman E.L. Rothschild L.P. acquired a new position in shares of Nexstar Broadcasting Group during the second quarter worth $145,000. Finally, Invictus RG acquired a new position in shares of Nexstar Broadcasting Group during the first quarter worth $149,000.

Several research analysts have weighed in on NXST shares. ValuEngine downgraded shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $81.00 target price (down previously from $83.00) on shares of Nexstar Broadcasting Group in a report on Thursday, August 10th. Wells Fargo & Company reiterated an “outperform” rating and issued a $85.00 target price on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. BidaskClub upgraded shares of Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Finally, Zacks Investment Research downgraded shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Saturday, May 13th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $77.75.

About Nexstar Broadcasting Group

Nexstar Media Group, Inc, formerly Nexstar Broadcasting Group, Inc, is a television broadcasting and digital media company. The Company is focused on the acquisition, development and operation of television stations and interactive community Websites, and digital media services in medium-sized markets in the United States.

Insider Buying and Selling by Quarter for Nexstar Broadcasting Group (NASDAQ:NXST)

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