Western Wealth Management LLC Takes $1.23 Million Position in Nexstar Media Group, Inc. $NXST

Key Points

• Western Wealth Management acquired 6,796 Nexstar Media Group shares worth approximately $1.23 million, while institutional investors collectively own 95.3% of the stock.
• Nexstar reported quarterly revenue of $1.99 billion, up 62.2% year over year and above estimates, but earnings of $3.61 per share missed the $5.98 consensus forecast.
• The company declared a quarterly dividend of $1.86, equivalent to a $7.44 annualized payout and a 4.0% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $259.

Western Wealth Management LLC bought a new position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,796 shares of the company's stock, valued at approximately $1,229,000.

Other institutional investors have also modified their holdings of the company. Merit Financial Group LLC grew its position in Nexstar Media Group by 1.6% in the 4th quarter. Merit Financial Group LLC now owns 3,571 shares of the company's stock valued at $725,000 after acquiring an additional 56 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Nexstar Media Group by 5.2% in the 4th quarter. Truist Financial Corp now owns 1,139 shares of the company's stock valued at $231,000 after purchasing an additional 56 shares in the last quarter. WPG Advisers LLC lifted its holdings in Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company's stock worth $36,000 after buying an additional 71 shares during the last quarter. Geneos Wealth Management Inc. increased 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. Finally, HighTower Advisors LLC lifted its position in 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 acquiring an additional 93 shares during the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Nexstar Media Group Stock Up 0.3%

Shares of NASDAQ NXST opened at $185.14 on Thursday. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 5.53. Nexstar Media Group, Inc. has a 52 week low of $154.47 and a 52 week high of $254.30. The firm has a 50-day moving average price of $179.59 and a 200 day moving average price of $200.19. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 35.54, a price-to-earnings-growth ratio of 0.49 and a beta of 0.91.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $3.61 EPS for the quarter, missing analysts' consensus estimates of $5.98 by ($2.37). Nexstar Media Group had a return on equity of 24.26% and a net margin of 3.20%.The company had revenue of $1.99 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the prior year, the firm posted $3.06 EPS. The firm's quarterly revenue was up 62.2% on a year-over-year basis. Equities research analysts anticipate that Nexstar Media Group, Inc. will post 37.46 EPS for the current fiscal year.

Nexstar Media Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors 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 dividend on an annualized basis and a dividend yield of 4.0%. Nexstar Media Group's dividend payout ratio is currently 142.80%.

Insiders Place Their Bets

In related news, insider Brett Jenkins sold 301 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $51,413.81. Following the completion of the transaction, the insider directly owned 28,798 shares of the company's stock, valued at $4,918,986.38. This trade represents a 1.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Gary Weitman sold 261 shares of the business's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $170.81, for a total value of $44,581.41. Following the sale, the insider owned 6,963 shares in the company, valued at approximately $1,189,350.03. The trade was a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 22,813 shares of company stock worth $4,174,731. 7.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on NXST. Weiss Ratings restated a "hold (c)" rating on shares of Nexstar Media Group in a research note on Wednesday, May 27th. Zacks Research downgraded Nexstar Media Group from a "hold" rating to a "strong sell" rating in a report on Monday. Wells Fargo & Company lowered their target price on shares of Nexstar Media Group from $253.00 to $249.00 and set an "overweight" rating on the stock in a research report on Friday, August 7th. Wall Street Zen lowered shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Nexstar Media Group from $270.00 to $255.00 and set a "buy" rating for the company in a research report on Monday, May 11th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $259.00.

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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