Synovus Financial Corp Makes New Investment in Nexstar Media Group, Inc. $NXST

Key Points

• Synovus Financial Corp has made a new investment of approximately $358,000 in Nexstar Media Group, purchasing 2,000 shares according to their recent 13F filing.
• In the first quarter, various institutional investors significantly increased their holdings in Nexstar Media Group, with Whipplewood Advisors growing its position by 830.3%.
• Nexstar Media Group reported earnings of $3.06 per share for the quarter, exceeding expectations, and announced a quarterly dividend of $1.86 per share with a dividend yield of 3.7%.

Synovus Financial Corp bought a new stake in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,000 shares of the company's stock, valued at approximately $358,000.

Other hedge funds also recently added to or reduced their stakes in the company. Whipplewood Advisors LLC boosted its holdings in Nexstar Media Group by 830.3% in the first quarter. Whipplewood Advisors LLC now owns 307 shares of the company's stock valued at $55,000 after purchasing an additional 274 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Nexstar Media Group by 2,293.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 383 shares of the company's stock valued at $69,000 after purchasing an additional 367 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Nexstar Media Group by 62.3% in the first quarter. First Horizon Advisors Inc. now owns 401 shares of the company's stock valued at $72,000 after purchasing an additional 154 shares during the last quarter. Versant Capital Management Inc boosted its holdings in Nexstar Media Group by 2,126.3% in the first quarter. Versant Capital Management Inc now owns 423 shares of the company's stock valued at $76,000 after purchasing an additional 404 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings in Nexstar Media Group by 186.7% in the first quarter. SBI Securities Co. Ltd. now owns 453 shares of the company's stock valued at $81,000 after purchasing an additional 295 shares during the last quarter. 95.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Dana Zimmer sold 889 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total transaction of $146,907.25. Following the completion of the transaction, the insider owned 6,201 shares in the company, valued at $1,024,715.25. This represents a 12.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Lee Ann Gliha sold 757 shares of the company's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total transaction of $125,094.25. Following the sale, the executive vice president directly owned 12,826 shares of the company's stock, valued at approximately $2,119,496.50. This represents a 5.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,291 shares of company stock worth $1,543,502. Company insiders own 6.70% of the company's stock.

Nexstar Media Group Price Performance

Shares of Nexstar Media Group stock traded up $3.40 during trading hours on Friday, reaching $204.53. The stock had a trading volume of 408,776 shares, compared to its average volume of 454,577. Nexstar Media Group, Inc. has a twelve month low of $141.66 and a twelve month high of $223.36. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 2.80. The stock's 50 day moving average is $189.35 and its 200 day moving average is $173.09. The firm has a market capitalization of $6.20 billion, a PE ratio of 10.62, a PEG ratio of 1.52 and a beta of 1.04.

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

Nexstar Media Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a dividend of $1.86 per share. This represents a $7.44 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Friday, August 15th. Nexstar Media Group's dividend payout ratio is 38.63%.

Analyst Ratings Changes

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

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.