Norges Bank Takes Position in Nexstar Media Group, Inc. $NXST

Key Points

• Norges Bank initiated a new position in Nexstar Media Group during the fourth quarter, buying 204,256 shares worth about $41.5 million. The stake represented 0.67% of the company at quarter-end.
• Nexstar shares were down 2.5% in trading, with the stock opening at $177.54. The company’s market value is about $5.42 billion, and it has a 52-week range of $164.00 to $254.30.
• The company paid a quarterly dividend of $1.86 per share, or $7.44 annualized, for a yield of about 4.2%. Analyst sentiment remains constructive overall, with a consensus Buy rating and an average price target of $259.67.

Norges Bank bought a new stake in Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 204,256 shares of the company's stock, valued at approximately $41,474,000. Norges Bank owned 0.67% of Nexstar Media Group at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC increased its position in shares of Nexstar Media Group by 1.7% during the fourth quarter. CWA Asset Management Group LLC now owns 3,103 shares of the company's stock worth $630,000 after acquiring an additional 51 shares during the period. Merit Financial Group LLC increased its holdings in Nexstar Media Group by 1.6% during the fourth quarter. Merit Financial Group LLC now owns 3,571 shares of the company's stock valued at $725,000 after buying an additional 56 shares during the period. Truist Financial Corp grew its stake in Nexstar Media Group by 5.2% in the fourth quarter. Truist Financial Corp now owns 1,139 shares of the company's stock valued at $231,000 after purchasing an additional 56 shares during the last quarter. WPG Advisers LLC grew its stake in Nexstar Media Group by 65.7% in the fourth quarter. WPG Advisers LLC now owns 179 shares of the company's stock valued at $36,000 after purchasing an additional 71 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in Nexstar Media Group by 15.7% in 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 during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Nexstar Media Group Trading Down 2.5%

Shares of Nexstar Media Group stock opened at $177.54 on Tuesday. The firm has a market capitalization of $5.42 billion, a PE ratio of 38.10, a P/E/G ratio of 0.46 and a beta of 0.91. Nexstar Media Group, Inc. has a twelve month low of $164.00 and a twelve month high of $254.30. The firm's 50-day moving average price is $192.27 and its 200 day moving average price is $207.60. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were issued a $1.86 dividend. The ex-dividend date was Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a yield of 4.2%. Nexstar Media Group's dividend payout ratio (DPR) is presently 159.66%.

Insider Buying and Selling

In other Nexstar Media Group news, insider Dana Zimmer sold 465 shares of the firm's stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $187.32, for a total value of $87,103.80. Following the transaction, the insider owned 3,272 shares in the company, valued at approximately $612,911.04. This trade represents a 12.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Andrew Alford sold 605 shares of the firm's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $185.33, for a total transaction of $112,124.65. Following the completion of the transaction, the insider directly owned 11,689 shares in the company, valued at $2,166,322.37. This trade represents a 4.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,798 shares of company stock worth $2,428,489 in the last ninety days. Company insiders own 6.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Barrington Research reaffirmed an "outperform" rating and issued a $290.00 price target on shares of Nexstar Media Group in a report on Tuesday, April 28th. Benchmark cut their price target on shares of Nexstar Media Group from $300.00 to $250.00 and set a "buy" rating on the stock in a report on Monday, April 6th. Wells Fargo & Company dropped their price target on Nexstar Media Group from $290.00 to $253.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Zacks Research upgraded Nexstar Media Group from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, May 13th. Finally, Citigroup upgraded Nexstar Media Group from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $252.00 to $220.00 in a research report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $259.67.

Nexstar Media Group 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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