Zacks Investment Research upgraded shares of Nexstar Media Group (NASDAQ:NXST) from a hold rating to a buy rating in a report published on Wednesday morning. They currently have $82.00 target price on the stock.
According to Zacks, “Nexstar Broadcasting Group currently owns, operates, programs or provides sales and other services to television stations in the states of Illinois, Indiana, Maryland, Missouri, Montana, Texas, Pennsylvania, Louisiana, Arkansas, Alabama and New York. Nexstar’s television station group includes affiliates of NBC, CBS, ABC, FOX and UPN. “
A number of other analysts have also issued reports on NXST. Guggenheim started coverage on Nexstar Media Group in a research note on Wednesday, October 18th. They issued a buy rating and a $90.00 price target on the stock. Deutsche Bank started coverage on Nexstar Media Group in a research note on Friday, October 20th. They issued a buy rating and a $80.00 price target on the stock. FBR & Co started coverage on Nexstar Media Group in a research note on Tuesday, October 31st. They issued a buy rating and a $79.00 price target on the stock. B. Riley reaffirmed a buy rating and issued a $79.00 price target on shares of Nexstar Media Group in a research note on Wednesday, November 1st. Finally, BidaskClub raised Nexstar Media Group from a hold rating to a buy rating in a research note on Thursday, December 7th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $86.60.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 2nd. Shareholders of record on Friday, February 16th will be paid a dividend of $0.375 per share. The ex-dividend date is Thursday, February 15th. This represents a $1.50 dividend on an annualized basis and a yield of 2.11%. This is a positive change from Nexstar Media Group’s previous quarterly dividend of $0.30. Nexstar Media Group’s payout ratio is 45.11%.
In other Nexstar Media Group news, SVP Blake Russell sold 20,000 shares of the business’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $78.31, for a total transaction of $1,566,200.00. Following the transaction, the senior vice president now owns 42,861 shares of the company’s stock, valued at $3,356,444.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gary Michael Vaughn sold 2,210 shares of the business’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $66.79, for a total value of $147,605.90. Following the transaction, the insider now directly owns 9,750 shares in the company, valued at approximately $651,202.50. The disclosure for this sale can be found here. Insiders have sold 40,610 shares of company stock worth $3,129,294 in the last three months. 7.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. boosted its stake in Nexstar Media Group by 16.6% during the third quarter. Schwab Charles Investment Management Inc. now owns 225,687 shares of the company’s stock worth $14,061,000 after buying an additional 32,178 shares during the last quarter. American National Bank boosted its stake in Nexstar Media Group by 4.5% during the fourth quarter. American National Bank now owns 36,915 shares of the company’s stock worth $2,886,000 after buying an additional 1,592 shares during the last quarter. Rovida Advisors Inc. boosted its stake in Nexstar Media Group by 940.8% during the third quarter. Rovida Advisors Inc. now owns 506,743 shares of the company’s stock worth $31,570,000 after buying an additional 458,055 shares during the last quarter. Wells Fargo & Company MN boosted its stake in Nexstar Media Group by 3.4% during the third quarter. Wells Fargo & Company MN now owns 403,890 shares of the company’s stock worth $25,162,000 after buying an additional 13,448 shares during the last quarter. Finally, American International Group Inc. boosted its stake in Nexstar Media Group by 8.1% during the third quarter. American International Group Inc. now owns 30,475 shares of the company’s stock worth $1,899,000 after buying an additional 2,279 shares during the last quarter.
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About Nexstar Media 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.
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