Nexstar Media Group, Inc. (NXST) to Issue Quarterly Dividend of $1.86 on November 27th

Nexstar Media Group, Inc. (NASDAQ:NXST) announced a quarterly dividend on Thursday, October 29th. Investors of record on Friday, November 13th will be given a dividend of $1.86 per share on Friday, November 27th. This represents a $7.44 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date is Friday, November 13th.

Nexstar Media Group has raised its dividend payment by an average of 0.3% per year over the last three years and has raised its dividend every year for the last 12 years. Nexstar Media Group has a dividend payout ratio of 28.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Nexstar Media Group to earn $18.19 per share next year, which means the company should continue to be able to cover its $7.44 annual dividend with an expected future payout ratio of 40.9%.

Nexstar Media Group Trading Down 1.3%

Shares of NXST stock opened at $203.90 on Wednesday. Nexstar Media Group has a 52-week low of $153.17 and a 52-week high of $254.30. The business’s fifty day moving average is $168.65 and its 200 day moving average is $191.63. The company has a debt-to-equity ratio of 4.43, a quick ratio of 1.26 and a current ratio of 1.26. The company has a market capitalization of $6.28 billion, a PE ratio of 18.55 and a beta of 0.97.

Nexstar Media Group (NASDAQ:NXST) last announced its earnings results on Thursday, November 5th. The company reported $7.92 earnings per share for the quarter, missing analysts’ consensus estimates of $8.08 by ($0.16). The business had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.07 billion. Nexstar Media Group had a return on equity of 32.25% and a net margin of 5.48%. Nexstar Media Group’s revenue was up 78.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.14 earnings per share. On average, equities research analysts anticipate that Nexstar Media Group will post 32.88 EPS for the current fiscal year.

Insider Activity at Nexstar Media Group

In other news, COO Michael Biard sold 2,465 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $185.82, for a total value of $458,046.30. Following the transaction, the chief operating officer owned 20,890 shares in the company, valued at $3,881,779.80. This represents a 10.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Dana Zimmer sold 4,008 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $187.46, for a total transaction of $751,339.68. Following the completion of the transaction, the insider owned 1,792 shares in the company, valued at $335,928.32. The trade was a 69.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 9,596 shares of company stock worth $1,733,169. Company insiders own 7.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NXST. Bank of America Corp DE boosted its holdings in Nexstar Media Group by 17.0% in the 1st quarter. Bank of America Corp DE now owns 173,269 shares of the company’s stock worth $31,332,000 after buying an additional 25,193 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Nexstar Media Group in the second quarter worth $1,607,000. Paralel Advisors LLC purchased a new position in shares of Nexstar Media Group during the second quarter valued at approximately $2,285,000. Public Employees Retirement System of Ohio purchased a new position in Nexstar Media Group in the 2nd quarter worth about $1,576,000. Finally, Odyssean LLC boosted its holdings in shares of Nexstar Media Group by 188.6% in the second quarter. Odyssean LLC now owns 17,036 shares of the company’s stock valued at $3,042,000 after purchasing an additional 11,133 shares during the period. 95.30% of the stock is owned by hedge funds and other institutional investors.

About Nexstar Media Group

Nexstar Media Group is a U.S. media company focused on local television broadcasting and national programming. It owns and operates local television stations across the country, many affiliated with major broadcast networks, and produces local news, sports, and other programming for viewers in their communities. The company also operates NewsNation, a national news and entertainment network, and holds a majority interest in The CW. Its digital businesses distribute news and other content online, while advertising and fees for carrying its stations and networks are among its business activities.