M&T Bank Corp Has $28.49 Million Stake in Nexstar Media Group, Inc. $NXST

Key Points

• M&T Bank Corp boosted its stake in Nexstar by 2,573.4% in Q4 to 140,112 shares (about $28.49 million), representing roughly 0.46% of the company.
• Nexstar recently paid a quarterly dividend of $1.86 (annualized $7.44, 3.5% yield), but the dividend payout ratio is very high at 253.06%, raising sustainability concerns.
• Analysts lean toward a “Moderate Buy” (six Buys, two Holds) with an average target of $268.33 versus the recent ~$210 share price; the stock trades at a P/E of 71.5 and a market cap near $6.37B.

M&T Bank Corp increased its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 2,573.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 140,112 shares of the company's stock after buying an additional 134,871 shares during the period. M&T Bank Corp owned 0.46% of Nexstar Media Group worth $28,494,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC acquired a new position in Nexstar Media Group during the third quarter worth $28,000. Root Financial Partners LLC acquired a new stake in Nexstar Media Group during the 3rd quarter valued at $31,000. Hantz Financial Services Inc. lifted its holdings in Nexstar Media Group by 164.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 201 shares of the company's stock valued at $40,000 after purchasing an additional 125 shares during the last quarter. First Horizon Corp acquired a new stake in Nexstar Media Group during the 3rd quarter valued at $44,000. Finally, State of Wyoming acquired a new stake in Nexstar Media Group during the 2nd quarter valued at $54,000. 95.30% of the stock is currently owned by institutional investors and hedge funds.

Nexstar Media Group Stock Up 2.0%

NXST opened at $210.20 on Thursday. Nexstar Media Group, Inc. has a fifty-two week low of $141.66 and a fifty-two week high of $254.30. The company has a debt-to-equity ratio of 3.05, a quick ratio of 2.07 and a current ratio of 2.07. The company has a market capitalization of $6.37 billion, a P/E ratio of 71.50, a P/E/G ratio of 0.81 and a beta of 0.93. The stock has a fifty day moving average of $219.05 and a 200-day moving average of $207.55.

Nexstar Media Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 13th were issued a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, February 13th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 3.5%. Nexstar Media Group's dividend payout ratio (DPR) is currently 253.06%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Citigroup raised Nexstar Media Group from a "neutral" rating to a "buy" rating and cut their price target for the company from $252.00 to $220.00 in a report on Friday, April 10th. Deutsche Bank Aktiengesellschaft raised their price target on Nexstar Media Group from $250.00 to $270.00 and gave the company a "buy" rating in a report on Monday, March 23rd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Nexstar Media Group in a report on Monday, December 29th. Benchmark cut their price target on Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating for the company in a report on Monday, April 6th. Finally, Wells Fargo & Company raised their price target on Nexstar Media Group from $250.00 to $290.00 and gave the company an "overweight" rating in a report on Friday, February 27th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $268.33.

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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