PNC Financial Services Group Inc. Purchases 1,966 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

PNC Financial Services Group Inc. raised its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 1.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,264 shares of the company's stock after acquiring an additional 1,966 shares during the period. PNC Financial Services Group Inc. owned approximately 0.42% of Nexstar Media Group worth $22,808,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of NXST. Demars Financial Group LLC increased its position in Nexstar Media Group by 16,009.5% during the fourth quarter. Demars Financial Group LLC now owns 773,737 shares of the company's stock valued at $122,227,000 after acquiring an additional 768,934 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Nexstar Media Group by 611.5% in the first quarter. Victory Capital Management Inc. now owns 289,668 shares of the company's stock worth $51,914,000 after purchasing an additional 248,957 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Nexstar Media Group by 185.0% in the fourth quarter. Invesco Ltd. now owns 219,561 shares of the company's stock worth $34,684,000 after purchasing an additional 142,520 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of Nexstar Media Group by 58.3% in the first quarter. Brown Advisory Inc. now owns 352,165 shares of the company's stock worth $63,115,000 after purchasing an additional 129,647 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Nexstar Media Group in the first quarter worth about $17,574,000. Institutional investors own 95.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on NXST. Barrington Research restated an "outperform" rating and issued a $200.00 price target on shares of Nexstar Media Group in a report on Wednesday, July 30th. Wells Fargo & Company cut their price target on shares of Nexstar Media Group from $216.00 to $200.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Benchmark cut their price target on shares of Nexstar Media Group from $225.00 to $215.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, Nexstar Media Group currently has an average rating of "Moderate Buy" and an average target price of $205.71.

Insider Activity at Nexstar Media Group

In other news, COO Michael Biard sold 2,182 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $173.59, for a total transaction of $378,773.38. Following the transaction, the chief operating officer owned 7,218 shares in the company, valued at $1,252,972.62. This represents a 23.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Lee Ann Gliha sold 1,437 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $173.59, for a total transaction of $249,448.83. Following the transaction, the executive vice president owned 10,923 shares in the company, valued at approximately $1,896,123.57. This trade represents a 11.63% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,474 shares of company stock worth $3,666,988. 6.70% of the stock is owned by insiders.

Nexstar Media Group Stock Performance

NXST stock opened at $188.58 on Tuesday. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 1.32 and a beta of 1.05. The firm has a 50-day simple moving average of $177.20 and a two-hundred day simple moving average of $166.83. Nexstar Media Group, Inc. has a one year low of $141.66 and a one year high of $192.36. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.74 and a current ratio of 1.74.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $3.37 EPS for the quarter, beating the consensus estimate of $3.26 by $0.11. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.23 billion. Nexstar Media Group had a net margin of 12.21% and a return on equity of 29.21%. The company's quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $5.16 earnings per share. On average, equities analysts forecast that Nexstar Media Group, Inc. will post 21.62 EPS for the current fiscal year.

Nexstar Media Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be issued a dividend of $1.86 per share. The ex-dividend date is Friday, August 15th. This represents a $7.44 annualized dividend and a dividend yield of 3.9%. Nexstar Media Group's dividend payout ratio is 37.69%.

Nexstar Media Group Company 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.

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