Nexstar Media Group, Inc. (NASDAQ:NXST) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 31.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 146,821 shares of the company's stock after selling 68,798 shares during the period. Bank of America Corp DE owned approximately 0.47% of Nexstar Media Group worth $23,193,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in shares of Nexstar Media Group in the fourth quarter worth about $25,000. Jones Financial Companies Lllp boosted its holdings in shares of Nexstar Media Group by 15.3% in the 4th quarter. Jones Financial Companies Lllp now owns 550 shares of the company's stock worth $87,000 after purchasing an additional 73 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in shares of Nexstar Media Group by 99.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 786 shares of the company's stock worth $124,000 after purchasing an additional 392 shares during the period. Venturi Wealth Management LLC lifted its stake in shares of Nexstar Media Group by 31.0% during the 4th quarter. Venturi Wealth Management LLC now owns 883 shares of the company's stock worth $139,000 after acquiring an additional 209 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of Nexstar Media Group by 49.7% during the 4th quarter. Covestor Ltd now owns 949 shares of the company's stock worth $150,000 after acquiring an additional 315 shares during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on NXST shares. Benchmark decreased their target price on Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Loop Capital upgraded Nexstar Media Group from a "hold" rating to a "buy" rating and boosted their target price for the stock from $190.00 to $200.00 in a research note on Friday, February 28th. Rosenblatt Securities reiterated a "buy" rating and set a $200.00 price target on shares of Nexstar Media Group in a research note on Monday, March 10th. Wall Street Zen cut Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Finally, Barrington Research reissued an "outperform" rating and issued a $200.00 price objective on shares of Nexstar Media Group in a report on Tuesday, May 13th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $205.71.

Nexstar Media Group Stock Performance

NASDAQ NXST traded up $0.05 on Friday, hitting $171.51. 311,671 shares of the company's stock were exchanged, compared to its average volume of 391,444. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.68 and a quick ratio of 1.68. The firm's 50-day moving average price is $162.75 and its two-hundred day moving average price is $161.99. Nexstar Media Group, Inc. has a fifty-two week low of $141.66 and a fifty-two week high of $191.86. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 9.92, a P/E/G ratio of 0.45 and a beta of 1.06.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last posted its 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. Nexstar Media Group had a return on equity of 26.03% and a net margin of 11.39%. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the company earned $5.16 EPS. Nexstar Media Group's revenue was down 3.9% on a year-over-year basis. On average, research analysts expect that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a $1.86 dividend. The ex-dividend date of this dividend is Monday, May 19th. This represents a $7.44 annualized dividend and a yield of 4.34%. Nexstar Media Group's dividend payout ratio is currently 37.69%.

Insider Activity at Nexstar Media Group

In other Nexstar Media Group news, CEO Perry A. Sook sold 32,096 shares of the firm's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $170.67, for a total value of $5,477,824.32. Following the transaction, the chief executive officer now owns 806,019 shares of the company's stock, valued at $137,563,262.73. This trade represents a 3.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Andrew Alford sold 3,768 shares of Nexstar Media Group stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.98, for a total value of $685,700.64. Following the sale, the insider now directly owns 5,405 shares in the company, valued at approximately $983,601.90. This trade represents a 41.08% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 43,558 shares of company stock worth $7,504,098. Corporate 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.