Nexstar Media Group, Inc. $NXST Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Nexstar Media Group stake by 17% in the first quarter, holding 173,269 shares valued at approximately $31.3 million. Institutional investors and hedge funds collectively own 95.3% of the company.
• Analyst views remain broadly positive, with six Buy ratings, one Hold, and one Sell; Nexstar has a consensus “Moderate Buy” rating and an average price target of $259.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year, but EPS of $3.61 fell short of the $5.98 consensus estimate. The company also declared a quarterly dividend of $1.86, representing a 3.9% annualized yield.

Bank of America Corp DE boosted its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 173,269 shares of the company's stock after buying an additional 25,193 shares during the quarter. Bank of America Corp DE owned approximately 0.57% of Nexstar Media Group worth $31,332,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Merit Financial Group LLC grew its holdings in Nexstar Media Group by 1.6% in the fourth quarter. Merit Financial Group LLC now owns 3,571 shares of the company's stock valued at $725,000 after purchasing an additional 56 shares during the period. Truist Financial Corp increased its holdings in Nexstar Media Group by 5.2% in the 4th quarter. Truist Financial Corp now owns 1,139 shares of the company's stock worth $231,000 after acquiring an additional 56 shares in the last quarter. WPG Advisers LLC raised its position in Nexstar Media Group by 65.7% during the fourth quarter. WPG Advisers LLC now owns 179 shares of the company's stock worth $36,000 after acquiring an additional 71 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Nexstar Media Group by 15.7% during the second quarter. Geneos Wealth Management Inc. now owns 589 shares of the company's stock valued at $102,000 after purchasing an additional 80 shares in the last quarter. Finally, HighTower Advisors LLC grew its position in shares of Nexstar Media Group by 3.2% in the fourth quarter. HighTower Advisors LLC now owns 2,975 shares of the company's stock valued at $604,000 after purchasing an additional 93 shares during the period. Institutional investors and hedge funds own 95.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NXST. Wall Street Zen cut shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Wells Fargo & Company cut their price objective on 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. Zacks Research downgraded Nexstar Media Group from a "hold" rating to a "strong sell" rating in a research report on Monday, August 10th. Deutsche Bank Aktiengesellschaft lowered their price target on Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Finally, Barrington Research reissued an "outperform" rating and issued a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Six investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Nexstar Media Group presently has a consensus rating of "Moderate Buy" and an average price target of $259.00.

Insider Buying and Selling

In other news, insider Sean Compton sold 5,000 shares of Nexstar Media Group stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $196.00, for a total value of $980,000.00. Following the completion of the sale, the insider owned 11,252 shares of the company's stock, valued at $2,205,392. The trade was a 30.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael Biard sold 1,227 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $174.21, for a total value of $213,755.67. Following the completion of the transaction, the chief operating officer owned 17,105 shares of the company's stock, valued at $2,979,862.05. The trade was a 6.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,813 shares of company stock worth $4,174,731 in the last three months. 7.00% of the stock is currently owned by insiders.

Nexstar Media Group Price Performance

NASDAQ:NXST opened at $189.57 on Friday. Nexstar Media Group, Inc. has a 12-month low of $154.47 and a 12-month high of $254.30. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of 36.39, a price-to-earnings-growth ratio of 0.58 and a beta of 0.91. The company's 50-day moving average is $179.90 and its two-hundred day moving average is $199.95. The company has a current ratio of 1.56, a quick ratio of 1.76 and a debt-to-equity ratio of 5.09.

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

Nexstar Media Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $1.86 dividend. The ex-dividend date is Friday, August 14th. This represents a $7.44 annualized dividend and a yield of 3.9%. Nexstar Media Group's payout ratio is 142.80%.

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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