Bank of New York Mellon Corp Buys New Position in Nexstar Media Group, Inc. $NXST

Key Points

• Bank of New York Mellon acquired 756,478 Nexstar Media Group shares worth approximately $27.2 million, giving it a 2.48% stake. Institutional investors collectively own 95.3% of NXST.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year and slightly above estimates, but earnings of $3.61 per share fell well short of the $5.98 consensus forecast.
• The company pays a quarterly dividend of $1.86 per share, equivalent to a 4.1% yield, while analysts maintain a “Moderate Buy” consensus and an average price target of $259.

Bank of New York Mellon Corp purchased a new position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 756,478 shares of the company's stock, valued at approximately $27,241,000. Bank of New York Mellon Corp owned approximately 2.48% of Nexstar Media Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NXST. A&I Financial Services LLC boosted its position in Nexstar Media Group by 17.6% during the second quarter. A&I Financial Services LLC now owns 3,907 shares of the company's stock worth $698,000 after acquiring an additional 585 shares during the last quarter. Gradient Investments LLC lifted its stake in shares of Nexstar Media Group by 6.6% during the 2nd quarter. Gradient Investments LLC now owns 9,122 shares of the company's stock worth $1,629,000 after purchasing an additional 567 shares during the period. Harbor Investment Advisory LLC purchased a new position in shares of Nexstar Media Group during the 2nd quarter worth $63,000. CX Institutional lifted its stake in shares of Nexstar Media Group by 16.0% during the 2nd quarter. CX Institutional now owns 40,423 shares of the company's stock worth $7,219,000 after purchasing an additional 5,567 shares during the period. Finally, Western Wealth Management LLC acquired a new stake in shares of Nexstar Media Group during the first quarter worth $1,229,000. 95.30% of the stock is currently owned by hedge funds and other institutional investors.

Nexstar Media Group Stock Performance

NASDAQ:NXST opened at $183.32 on Friday. The firm's fifty day simple moving average is $182.59 and its 200 day simple moving average is $198.09. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 5.09. Nexstar Media Group, Inc. has a twelve month low of $154.47 and a twelve month high of $254.30. The firm has a market capitalization of $5.65 billion, a price-to-earnings ratio of 35.19 and a beta of 0.91.

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

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $7.44 annualized dividend and a dividend yield of 4.1%. Nexstar Media Group's dividend payout ratio (DPR) is presently 142.80%.

Insider Transactions at Nexstar Media Group

In other Nexstar Media Group news, insider Gary Weitman sold 261 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total transaction of $44,581.41. Following the transaction, the insider owned 6,963 shares of the company's stock, valued at $1,189,350.03. This trade represents a 3.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Biard sold 2,465 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $185.82, for a total transaction of $458,046.30. Following the sale, the chief operating officer owned 20,890 shares of the company's stock, valued at approximately $3,881,779.80. The trade was a 10.55% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 19,586 shares of company stock valued at $3,522,616 over the last 90 days. Corporate insiders own 7.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NXST shares. Zacks Research downgraded Nexstar Media Group from a "hold" rating to a "strong sell" rating in a research report on Monday, August 10th. Wall Street Zen lowered Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Nexstar Media Group in a research note on Monday, August 24th. Wells Fargo & Company cut their price objective on shares of Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a report on Friday, August 7th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a report on Monday, May 11th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Nexstar Media Group currently has a consensus 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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