M&T Bank Corp Sells 541 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

M&T Bank Corp reduced its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 24.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,694 shares of the company’s stock after selling 541 shares during the period. M&T Bank Corp’s holdings in Nexstar Media Group were worth $303,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Whipplewood Advisors LLC increased its holdings in Nexstar Media Group by 830.3% in the 1st quarter. Whipplewood Advisors LLC now owns 307 shares of the company’s stock worth $55,000 after purchasing an additional 274 shares in the last quarter. First Horizon Advisors Inc. increased its position in shares of Nexstar Media Group by 62.3% during the first quarter. First Horizon Advisors Inc. now owns 401 shares of the company’s stock valued at $72,000 after acquiring an additional 154 shares during the last quarter. Versant Capital Management Inc increased its position 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 worth $76,000 after buying an additional 404 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Nexstar Media Group by 68.6% during the 1st quarter. UMB Bank n.a. now owns 536 shares of the company’s stock valued at $96,000 after purchasing an additional 218 shares during the period. Finally, Rossby Financial LCC bought a new stake in Nexstar Media Group during the first quarter valued at $113,000. Institutional investors own 95.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Benchmark lowered their target price on Nexstar Media Group from $225.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Barrington Research reissued an “outperform” rating and set a $200.00 price target on shares of Nexstar Media Group in a report on Tuesday, May 13th. Finally, Wells Fargo & Company cut their price target on Nexstar Media Group from $216.00 to $200.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.71.

Nexstar Media Group Stock Performance

Shares of NXST stock opened at $184.07 on Friday. The company’s 50 day moving average is $173.60 and its 200 day moving average is $164.09. The company has a quick ratio of 1.74, a current ratio of 1.74 and a debt-to-equity ratio of 2.86. Nexstar Media Group, Inc. has a 52-week low of $141.66 and a 52-week high of $191.86. The firm has a market cap of $5.62 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 1.32 and a beta of 1.04.

Nexstar Media Group (NASDAQ:NXST) last posted its earnings results on Thursday, May 8th. The company reported $3.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.26 by $0.11. The company had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.23 billion. Nexstar Media Group had a net margin of 12.21% and a return on equity of 29.21%. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $5.16 earnings per share. On average, sell-side analysts anticipate 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 was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a $1.86 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $7.44 annualized dividend and a dividend yield of 4.04%. Nexstar Media Group’s dividend payout ratio is currently 37.69%.

Insider Activity at Nexstar Media Group

In related news, EVP Rachel Morgan sold 329 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $165.25, for a total value of $54,367.25. Following the transaction, the executive vice president directly owned 2,122 shares of the company’s stock, valued at $350,660.50. This trade represents a 13.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gary Weitman sold 510 shares of the firm’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 $84,277.50. Following the completion of the sale, the insider owned 8,229 shares of the company’s stock, valued at $1,359,842.25. This trade represents a 5.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,474 shares of company stock worth $3,666,988 over the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

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.