Ally Financial Inc. Buys New Shares in Nexstar Media Group, Inc. $NXST

Key Points

• Ally Financial bought 8,930 Nexstar Media Group shares worth approximately $322,000 during the second quarter. Other institutions also initiated positions, with institutional investors and hedge funds owning 95.3% of NXST.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year and slightly above estimates, but earnings per share of $3.61 fell well short of the $5.98 consensus forecast.
• The company declared a quarterly dividend of $1.86 per share, implying an annualized yield of about 4.0%. Analysts maintain a “Moderate Buy” consensus with an average price target of $259, despite mixed rating changes.

Ally Financial Inc. purchased a new stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,930 shares of the company's stock, valued at approximately $322,000.

A number of other large investors have also recently bought and sold shares of the business. Kiltearn Partners LLP acquired a new position in shares of Nexstar Media Group in the 2nd quarter valued at about $5,262,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Nexstar Media Group during the 2nd quarter valued at about $67,000. Bislett Management LLC acquired a new stake in Nexstar Media Group during the second quarter worth approximately $230,000. Foster & Motley Inc. acquired a new stake in Nexstar Media Group during the second quarter worth approximately $8,529,000. Finally, Plato Investment Management Ltd bought a new stake in Nexstar Media Group in the second quarter worth approximately $246,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Nexstar Media Group

In other Nexstar Media Group news, CEO Perry A. Sook purchased 12,235 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were acquired at an average price of $162.26 per share, with a total value of $1,985,251.10. Following the transaction, the chief executive officer owned 899,044 shares in the company, valued at $145,878,879.44. The trade was a 1.38% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brett Jenkins sold 301 shares of Nexstar Media Group stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $170.81, for a total value of $51,413.81. Following the transaction, the insider owned 28,798 shares of the company's stock, valued at $4,918,986.38. This trade represents a 1.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 21,584 shares of company stock valued at $3,899,531 over the last quarter. 7.00% of the stock is currently owned by company insiders.

Nexstar Media Group Stock Performance

Shares of Nexstar Media Group stock opened at $186.14 on Monday. The stock has a market capitalization of $5.73 billion, a PE ratio of 35.73 and a beta of 0.91. Nexstar Media Group, Inc. has a 52 week low of $154.47 and a 52 week high of $254.30. The stock has a 50 day moving average price of $180.87 and a two-hundred day moving average price of $199.04. The company has a debt-to-equity ratio of 5.09, a quick ratio of 1.56 and a current ratio of 1.56.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $3.61 earnings per share for the quarter, missing analysts' consensus estimates of $5.98 by ($2.37). Nexstar Media Group had a return on equity of 24.02% and a net margin of 3.20%.The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period in the previous year, the company earned $3.06 earnings per share. Nexstar Media Group's revenue for the quarter was up 62.2% compared to the same quarter last year. As a group, equities analysts anticipate that Nexstar Media Group, Inc. will post 32.88 earnings per share for the current fiscal year.

Nexstar Media Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be issued a dividend of $1.86 per share. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Friday, August 14th. Nexstar Media Group's dividend payout ratio (DPR) is currently 142.80%.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Zacks Research lowered Nexstar Media Group from a "hold" rating to a "strong sell" rating in a research note on Monday, August 10th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating for the company in a research report on Monday, May 11th. Wells Fargo & Company lowered their price objective on shares of Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating for the company in a research note on Friday, August 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Nexstar Media Group in a research report on Wednesday, May 27th. Finally, Wall Street Zen lowered shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $259.00.

Nexstar Media Group Company Profile

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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