Alliancebernstein L.P. Reduces Stock Holdings in Nexstar Media Group, Inc. $NXST

Key Points

• Alliancebernstein L.P. reduced its stake in Nexstar Media Group by 2.6%, selling 18,286 shares and now owning approximately 2.28% of the company.
• Multiple institutional investors made significant purchases during the first quarter, with Whipplewood Advisors increasing their holdings by 830.3% and Caitong International Asset Management boosting theirs by 2,293.8%.
• Nexstar reported a 3.06 EPS for the last quarter, exceeding analysts' expectations, while also announcing a quarterly dividend of $1.86, reflecting a 3.6% yield.

Alliancebernstein L.P. cut its holdings in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 694,458 shares of the company's stock after selling 18,286 shares during the quarter. Alliancebernstein L.P. owned 2.28% of Nexstar Media Group worth $124,461,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of NXST. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Nexstar Media Group by 16.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 5,091 shares of the company's stock valued at $804,000 after acquiring an additional 736 shares during the last quarter. AXA S.A. lifted its stake in shares of Nexstar Media Group by 10.7% in the 4th quarter. AXA S.A. now owns 14,584 shares of the company's stock valued at $2,304,000 after purchasing an additional 1,405 shares during the last quarter. Algert Global LLC boosted its holdings in shares of Nexstar Media Group by 61.2% in the 4th quarter. Algert Global LLC now owns 5,424 shares of the company's stock worth $857,000 after purchasing an additional 2,059 shares during the period. Centiva Capital LP boosted its holdings in shares of Nexstar Media Group by 97.9% in the 4th quarter. Centiva Capital LP now owns 11,795 shares of the company's stock worth $1,863,000 after purchasing an additional 5,835 shares during the period. Finally, Crestline Management LP bought a new position in shares of Nexstar Media Group during the 4th quarter valued at approximately $435,000. Institutional investors own 95.30% of the company's stock.

Nexstar Media Group Stock Down 2.7%

NASDAQ NXST traded down $5.50 on Wednesday, reaching $197.17. 81,518 shares of the stock traded hands, compared to its average volume of 414,991. Nexstar Media Group, Inc. has a 12 month low of $141.66 and a 12 month high of $223.36. The company has a market cap of $5.98 billion, a price-to-earnings ratio of 10.22, a PEG ratio of 1.55 and a beta of 1.04. The company has a fifty day moving average price of $193.79 and a 200-day moving average price of $175.50. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.69 and a current ratio of 1.69.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $3.06 earnings per share for the quarter, beating the consensus estimate of $2.95 by $0.11. Nexstar Media Group had a return on equity of 28.40% and a net margin of 11.90%.The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the company posted $3.54 earnings per share. The firm's quarterly revenue was down 3.2% on a year-over-year basis. As a group, research analysts forecast that Nexstar Media Group, Inc. will post 21.62 EPS for the current fiscal year.

Nexstar Media Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a $1.86 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $7.44 dividend on an annualized basis and a yield of 3.8%. Nexstar Media Group's payout ratio is 38.63%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Benchmark lifted their price objective on shares of Nexstar Media Group from $220.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Guggenheim lifted their price target on shares of Nexstar Media Group from $220.00 to $250.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Barrington Research reiterated an "outperform" rating and set a $225.00 price target on shares of Nexstar Media Group in a report on Tuesday, August 19th. Zacks Research raised shares of Nexstar Media Group to a "hold" rating in a research note on Friday, August 8th. Finally, Wells Fargo & Company upped their target price on Nexstar Media Group from $206.00 to $250.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Six research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $225.00.

Insider Activity at Nexstar Media Group

In other Nexstar Media Group news, insider Dana Zimmer sold 889 shares of Nexstar Media Group stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total value of $146,907.25. Following the transaction, the insider owned 6,201 shares in the company, valued at $1,024,715.25. The trade was a 12.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Compton sold 850 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $165.25, for a total transaction of $140,462.50. Following the completion of the transaction, the insider owned 15,272 shares of the company's stock, valued at $2,523,698. This represents a 5.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,209 shares of company stock valued at $860,787 over the last 90 days. Insiders own 6.70% of the company's stock.

Nexstar Media Group Profile

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.