Great West Life Assurance Co. Can continued to hold its position in shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,828 shares of the company’s stock at the close of the 2nd quarter. Great West Life Assurance Co. Can’s holdings in Nexstar Broadcasting Group were worth $288,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Strs Ohio acquired a new stake in Nexstar Broadcasting Group in the 1st quarter worth about $322,000. Horizon Investment Services LLC acquired a new stake in Nexstar Broadcasting Group in the 1st quarter worth about $3,926,000. Teachers Advisors LLC boosted its holdings in Nexstar Broadcasting Group by 1.4% in the 4th quarter. Teachers Advisors LLC now owns 48,784 shares of the company’s stock worth $3,088,000 after buying an additional 665 shares during the last quarter. Legal & General Group Plc boosted its holdings in Nexstar Broadcasting Group by 28.1% in the 1st quarter. Legal & General Group Plc now owns 14,625 shares of the company’s stock worth $1,024,000 after buying an additional 3,210 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in Nexstar Broadcasting Group by 14.2% in the 1st quarter. Neuberger Berman Group LLC now owns 3,304,534 shares of the company’s stock worth $231,813,000 after buying an additional 411,280 shares during the last quarter.
NXST has been the topic of several research analyst reports. ValuEngine cut Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Royal Bank Of Canada reiterated a “buy” rating and issued a $83.00 price objective on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. Zacks Investment Research upgraded Nexstar Broadcasting Group from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. Wells Fargo & Company reiterated an “outperform” rating and issued a $85.00 price objective on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Finally, BidaskClub upgraded Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Nexstar Broadcasting Group currently has an average rating of “Buy” and an average target price of $77.00.
Nexstar Broadcasting Group, Inc. (NASDAQ NXST) opened at 58.80 on Wednesday. The stock’s 50 day moving average price is $62.49 and its 200 day moving average price is $63.87. Nexstar Broadcasting Group, Inc. has a one year low of $47.00 and a one year high of $73.90. The firm has a market capitalization of $2.72 billion, a PE ratio of 24.19 and a beta of 2.27.
Nexstar Broadcasting Group (NASDAQ:NXST) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. The business had revenue of $626.11 million for the quarter, compared to analyst estimates of $608.23 million. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. The company’s quarterly revenue was up 139.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.78 earnings per share. Analysts expect that Nexstar Broadcasting Group, Inc. will post $3.57 EPS for the current year.
Nexstar Broadcasting Group announced that its Board of Directors has initiated a share buyback program on Monday, June 12th that permits the company to buyback $51.30 million in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were given a $0.30 dividend. The ex-dividend date was Wednesday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 2.04%. Nexstar Broadcasting Group’s dividend payout ratio is presently 48.78%.
In other news, CFO Thomas Carter sold 3,125 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $63.50, for a total value of $198,437.50. Following the sale, the chief financial officer now directly owns 67,836 shares in the company, valued at $4,307,586. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis Miller sold 4,500 shares of the stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $63.49, for a total transaction of $285,705.00. The disclosure for this sale can be found here. 8.40% of the stock is owned by corporate insiders.
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.
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