Legal & General Group Plc Lowers Stake in Nexstar Media Group, Inc. $NXST

Legal & General Group Plc reduced its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 6.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,506 shares of the company’s stock after selling 2,924 shares during the quarter. Legal & General Group Plc owned 0.15% of Nexstar Media Group worth $9,240,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Torren Management LLC bought a new stake in Nexstar Media Group during the 4th quarter valued at about $28,000. Measured Wealth Private Client Group LLC bought a new stake in Nexstar Media Group during the 3rd quarter valued at about $28,000. WPG Advisers LLC increased its stake in Nexstar Media Group by 65.7% during the 4th quarter. WPG Advisers LLC now owns 179 shares of the company’s stock valued at $36,000 after purchasing an additional 71 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Nexstar Media Group by 164.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 201 shares of the company’s stock valued at $40,000 after purchasing an additional 125 shares in the last quarter. Finally, Danske Bank A S bought a new stake in Nexstar Media Group during the 3rd quarter valued at about $59,000. 95.30% of the stock is currently owned by institutional investors.

Nexstar Media Group Stock Performance

Shares of NASDAQ NXST opened at $181.01 on Friday. The firm has a 50 day moving average of $193.83 and a 200 day moving average of $207.70. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 5.53. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 38.84, a price-to-earnings-growth ratio of 0.46 and a beta of 0.91. Nexstar Media Group, Inc. has a 12-month low of $164.00 and a 12-month high of $254.30.

Nexstar Media Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a dividend of $1.86 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $7.44 dividend on an annualized basis and a yield of 4.1%. Nexstar Media Group’s dividend payout ratio is presently 159.66%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Barrington Research restated an “outperform” rating and set a $290.00 price objective on shares of Nexstar Media Group in a research note on Tuesday, April 28th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Nexstar Media Group from $270.00 to $255.00 and set a “buy” rating for the company in a research note on Monday, May 11th. Citigroup upgraded shares of Nexstar Media Group from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $252.00 to $220.00 in a research note on Friday, April 10th. Wells Fargo & Company reduced their price objective on shares of Nexstar Media Group from $290.00 to $253.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Finally, Zacks Research upgraded shares of Nexstar Media Group from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $259.67.

Insider Activity at Nexstar Media Group

In related news, EVP Lee Ann Gliha sold 742 shares of the company’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $187.32, for a total transaction of $138,991.44. Following the sale, the executive vice president owned 17,988 shares of the company’s stock, valued at $3,369,512.16. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Andrew Alford sold 605 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $185.33, for a total transaction of $112,124.65. Following the sale, the insider directly owned 11,689 shares in the company, valued at approximately $2,166,322.37. The trade was a 4.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 10,290 shares of company stock valued at $1,970,979 over the last quarter. 6.70% of the stock is currently owned by insiders.

About Nexstar Media Group

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.