Truist Financial Corp Decreases Stock Holdings in Nexstar Media Group, Inc. (NASDAQ:NXST)

Truist Financial Corp reduced its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 30.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 15,409 shares of the company’s stock after selling 6,894 shares during the quarter. Truist Financial Corp’s holdings in Nexstar Media Group were worth $2,415,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Channing Capital Management LLC raised its stake in shares of Nexstar Media Group by 738.8% during the third quarter. Channing Capital Management LLC now owns 506,212 shares of the company’s stock valued at $72,576,000 after acquiring an additional 445,859 shares during the last quarter. Boston Financial Mangement LLC grew its position in shares of Nexstar Media Group by 156.5% in the 3rd quarter. Boston Financial Mangement LLC now owns 238,670 shares of the company’s stock worth $34,218,000 after buying an additional 145,617 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Nexstar Media Group by 15,107.2% during the fourth quarter. International Assets Investment Management LLC now owns 122,570 shares of the company’s stock valued at $19,213,000 after buying an additional 121,764 shares during the period. New York State Common Retirement Fund raised its holdings in shares of Nexstar Media Group by 71.0% during the third quarter. New York State Common Retirement Fund now owns 249,679 shares of the company’s stock valued at $35,796,000 after acquiring an additional 103,636 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of Nexstar Media Group by 103.1% during the third quarter. AQR Capital Management LLC now owns 142,146 shares of the company’s stock valued at $20,219,000 after acquiring an additional 72,145 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Insider Buying and Selling at Nexstar Media Group

In other news, CEO Perry A. Sook sold 31,758 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $158.66, for a total value of $5,038,724.28. Following the sale, the chief executive officer now directly owns 636,788 shares of the company’s stock, valued at $101,032,784.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Dennis J. Fitzsimons sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $170.82, for a total value of $341,640.00. Following the completion of the transaction, the director now directly owns 12,027 shares in the company, valued at approximately $2,054,452.14. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Perry A. Sook sold 31,758 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $158.66, for a total value of $5,038,724.28. Following the completion of the transaction, the chief executive officer now directly owns 636,788 shares in the company, valued at $101,032,784.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,508 shares of company stock worth $7,487,950. 5.90% of the stock is owned by insiders.

Nexstar Media Group Stock Up 1.0 %

Shares of Nexstar Media Group stock opened at $168.11 on Thursday. Nexstar Media Group, Inc. has a 1 year low of $132.30 and a 1 year high of $187.32. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 0.62 and a beta of 1.50. The company has a 50-day moving average of $164.66 and a 200 day moving average of $160.47. The company has a debt-to-equity ratio of 2.90, a current ratio of 1.53 and a quick ratio of 1.53.

Nexstar Media Group (NASDAQ:NXST) last announced its earnings results on Wednesday, February 28th. The company reported $3.32 earnings per share for the quarter, missing analysts’ consensus estimates of $4.42 by ($1.10). Nexstar Media Group had a net margin of 7.03% and a return on equity of 14.06%. The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the prior year, the business posted $8.04 EPS. Nexstar Media Group’s revenue for the quarter was down 12.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Nexstar Media Group, Inc. will post 26.73 earnings per share for the current fiscal year.

Nexstar Media Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be paid a dividend of $1.69 per share. This represents a $6.76 dividend on an annualized basis and a yield of 4.02%. The ex-dividend date is Thursday, May 9th. Nexstar Media Group’s payout ratio is 70.20%.

Analyst Ratings Changes

Several brokerages have commented on NXST. Rosenblatt Securities decreased their price objective on shares of Nexstar Media Group from $216.00 to $213.00 and set a “buy” rating for the company in a report on Wednesday, March 13th. TheStreet upgraded shares of Nexstar Media Group from a “c+” rating to a “b-” rating in a research report on Thursday, February 1st. Finally, Barrington Research restated an “outperform” rating and issued a $200.00 price objective on shares of Nexstar Media Group in a report on Thursday, March 7th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $193.83.

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.