Bank of New York Mellon Corp Sells 12,256 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

Bank of New York Mellon Corp trimmed its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 391,472 shares of the company's stock after selling 12,256 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.28% of Nexstar Media Group worth $70,160,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in Nexstar Media Group by 15.3% during the 4th quarter. Jones Financial Companies Lllp now owns 550 shares of the company's stock worth $87,000 after acquiring an additional 73 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in Nexstar Media Group during the 4th quarter worth approximately $25,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Nexstar Media Group by 99.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 786 shares of the company's stock valued at $124,000 after purchasing an additional 392 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Nexstar Media Group by 97.9% in the fourth quarter. Victory Capital Management Inc. now owns 40,711 shares of the company's stock valued at $6,431,000 after purchasing an additional 20,140 shares during the period. Finally, Proficio Capital Partners LLC acquired a new position in shares of Nexstar Media Group in the fourth quarter valued at approximately $225,000. 95.30% of the stock is owned by institutional investors and hedge funds.

Nexstar Media Group Stock Performance

NXST stock traded down $4.62 during midday trading on Tuesday, hitting $179.35. The stock had a trading volume of 108,956 shares, compared to its average volume of 376,046. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 9.09, a P/E/G ratio of 1.32 and a beta of 1.04. The stock has a 50-day simple moving average of $171.66 and a 200 day simple moving average of $163.51. Nexstar Media Group, Inc. has a 52 week low of $141.66 and a 52 week high of $191.86. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 2.86.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $3.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.26 by $0.11. The business had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.23 billion. Nexstar Media Group had a return on equity of 29.21% and a net margin of 12.21%. The firm's revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the previous year, the business posted $5.16 earnings per share. As a group, equities research analysts anticipate that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current year.

Nexstar Media Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a $1.86 dividend. The ex-dividend date was Monday, May 19th. This represents a $7.44 annualized dividend and a dividend yield of 4.15%. Nexstar Media Group's dividend payout ratio is presently 37.69%.

Analyst Upgrades and Downgrades

NXST has been the topic of several research reports. Barrington Research reissued an "outperform" rating and issued a $200.00 target price on shares of Nexstar Media Group in a report on Tuesday, May 13th. Benchmark decreased their price objective on Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company reduced their price objective on Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $205.71.

Insider Transactions at Nexstar Media Group

In other news, COO Michael Biard sold 2,182 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $173.59, for a total transaction of $378,773.38. Following the sale, the chief operating officer owned 7,218 shares in the company, valued at $1,252,972.62. This represents a 23.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Lee Ann Gliha sold 1,437 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $173.59, for a total value of $249,448.83. Following the completion of the sale, the executive vice president owned 10,923 shares in the company, valued at approximately $1,896,123.57. This trade represents a 11.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,474 shares of company stock worth $3,666,988. Insiders own 6.70% of the company's stock.

About Nexstar Media Group

Nexstar Media Group, Inc operates as a diversified media company that produces and distributes engaging local and national news, sports and entertainment content across the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to various markets; and offers television programming services.