Pinebridge Investments L.P. Acquires 3,267 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

Pinebridge Investments L.P. grew its holdings in shares of Nexstar Media Group, Inc. (NASDAQ:NXST - Free Report) by 42.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,920 shares of the company's stock after acquiring an additional 3,267 shares during the quarter. Pinebridge Investments L.P.'s holdings in Nexstar Media Group were worth $1,725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Barclays PLC grew its stake in Nexstar Media Group by 16.8% in the 3rd quarter. Barclays PLC now owns 45,051 shares of the company's stock worth $7,448,000 after buying an additional 6,475 shares in the last quarter. World Investment Advisors LLC bought a new stake in Nexstar Media Group during the third quarter worth about $3,747,000. Wilmington Savings Fund Society FSB bought a new position in shares of Nexstar Media Group during the 3rd quarter valued at about $33,000. Tidal Investments LLC lifted its position in Nexstar Media Group by 57.8% in the 3rd quarter. Tidal Investments LLC now owns 3,217 shares of the company's stock worth $532,000 after buying an additional 1,178 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Nexstar Media Group by 1.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,487 shares of the company's stock worth $1,073,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 95.30% of the company's stock.

Insider Transactions at Nexstar Media Group

In related news, insider Gary Weitman sold 1,241 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $177.21, for a total transaction of $219,917.61. Following the sale, the insider now directly owns 3,975 shares of the company's stock, valued at approximately $704,409.75. This represents a 23.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Andrew Alford sold 3,768 shares of Nexstar Media Group stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.98, for a total transaction of $685,700.64. Following the completion of the transaction, the insider now directly owns 5,405 shares of the company's stock, valued at $983,601.90. This trade represents a 41.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,105 shares of company stock valued at $6,722,463 in the last ninety days. 6.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NXST has been the topic of several recent research reports. StockNews.com lowered shares of Nexstar Media Group from a "buy" rating to a "hold" rating in a report on Monday, March 3rd. Loop Capital upgraded Nexstar Media Group from a "hold" rating to a "buy" rating and increased their target price for the company from $190.00 to $200.00 in a report on Friday, February 28th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $200.00 price target on shares of Nexstar Media Group in a research note on Monday, March 10th. Barrington Research restated an "outperform" rating and issued a $200.00 target price on shares of Nexstar Media Group in a report on Wednesday, March 5th. Finally, Benchmark upped their price target on shares of Nexstar Media Group from $200.00 to $225.00 and gave the company a "buy" rating in a report on Friday, February 28th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Nexstar Media Group presently has a consensus rating of "Moderate Buy" and an average price target of $208.43.

Nexstar Media Group Stock Performance

Nexstar Media Group stock opened at $152.12 on Monday. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 8.80, a PEG ratio of 0.45 and a beta of 1.09. The company has a debt-to-equity ratio of 2.98, a quick ratio of 1.68 and a current ratio of 1.68. The stock's 50 day simple moving average is $163.19 and its two-hundred day simple moving average is $163.17. Nexstar Media Group, Inc. has a fifty-two week low of $143.32 and a fifty-two week high of $191.86.

Nexstar Media Group (NASDAQ:NXST - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported $7.56 EPS for the quarter, missing the consensus estimate of $9.22 by ($1.66). The firm had revenue of $1.49 billion for the quarter, compared to analysts' expectations of $1.48 billion. Nexstar Media Group had a net margin of 11.39% and a return on equity of 26.03%. As a group, analysts expect that Nexstar Media Group, Inc. will post 21.62 earnings per share for the current fiscal year.

Nexstar Media Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were paid a dividend of $1.86 per share. This is an increase from Nexstar Media Group's previous quarterly dividend of $1.69. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.89%. Nexstar Media Group's dividend payout ratio (DPR) is currently 34.56%.

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.

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