Allianz Asset Management GmbH Acquires 79,426 Shares of Nexstar Media Group, Inc. $NXST

Key Points

• Allianz Asset Management boosted its Nexstar Media Group stake by 28.4% in Q4, buying 79,426 more shares and bringing its total to 358,762 shares worth about $72.8 million.
• Several other institutional investors also increased their holdings, and overall 95.3% of NXST shares are now owned by institutions, indicating strong professional ownership of the stock.
• Analysts remain generally positive on Nexstar, with an average "Buy" rating and a consensus price target of $259.67, even as recent insider sales and a quarterly dividend yield of 4.3% draw attention.

Allianz Asset Management GmbH raised its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 28.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 358,762 shares of the company's stock after acquiring an additional 79,426 shares during the period. Allianz Asset Management GmbH owned about 1.18% of Nexstar Media Group worth $72,847,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Advisors Asset Management Inc. grew its holdings in shares of Nexstar Media Group by 19.9% during the third quarter. Advisors Asset Management Inc. now owns 27,849 shares of the company's stock worth $5,507,000 after purchasing an additional 4,616 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Nexstar Media Group by 2,573.4% during the fourth quarter. M&T Bank Corp now owns 140,112 shares of the company's stock worth $28,494,000 after purchasing an additional 134,871 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Nexstar Media Group by 5.2% during the third quarter. Envestnet Asset Management Inc. now owns 93,334 shares of the company's stock worth $18,456,000 after purchasing an additional 4,609 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Nexstar Media Group by 157.2% during the third quarter. JPMorgan Chase & Co. now owns 374,027 shares of the company's stock worth $73,960,000 after purchasing an additional 228,603 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Nexstar Media Group by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 773,443 shares of the company's stock worth $157,114,000 after purchasing an additional 13,084 shares during the last quarter. 95.30% of the stock is currently owned by institutional investors.

Insider Activity at Nexstar Media Group

In other news, insider Andrew Alford sold 605 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $185.33, for a total transaction of $112,124.65. Following the transaction, the insider directly owned 11,689 shares of the company's stock, valued at $2,166,322.37. This represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Thomas Mcmillen sold 1,000 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $180.00, for a total value of $180,000.00. Following the sale, the director owned 5,658 shares of the company's stock, valued at $1,018,440. This trade represents a 15.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,798 shares of company stock valued at $2,608,489 over the last three months. 6.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on NXST shares. Guggenheim boosted their price target on Nexstar Media Group from $250.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, February 27th. Zacks Research raised Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, May 13th. Barrington Research reaffirmed an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft cut their price objective on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Nexstar Media Group presently has an average rating of "Buy" and an average price target of $259.67.

Nexstar Media Group Price Performance

Shares of NASDAQ:NXST opened at $173.41 on Thursday. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. Nexstar Media Group, Inc. has a twelve month low of $164.00 and a twelve month high of $254.30. The stock's 50 day moving average is $191.36 and its 200-day moving average is $207.47. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 37.21, a PEG ratio of 0.45 and a beta of 0.91.

Nexstar Media Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Friday, May 15th. Nexstar Media Group's dividend payout ratio is presently 159.66%.

About Nexstar Media Group

Nexstar Media Group, Inc is a diversified American media company engaged primarily in the ownership, operation and strategic affiliation of local television stations, digital platforms and cable networks. The company provides a range of broadcast content, including local news, sports coverage, entertainment programming and syndicated shows, reaching audiences in more than 100 television markets across the United States.

Founded in 1996 by entrepreneur Perry Sook and headquartered in Irving, Texas, Nexstar has built its presence through organic growth and a series of high-profile acquisitions.

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