PNC Financial Services Group Inc. Sells 4,441 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

PNC Financial Services Group Inc. cut its stake in Nexstar Media Group, Inc. (NASDAQ:NXST) by 3.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 132,229 shares of the company’s stock after selling 4,441 shares during the quarter. PNC Financial Services Group Inc. owned about 0.41% of Nexstar Media Group worth $21,864,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CX Institutional boosted its holdings in shares of Nexstar Media Group by 5.0% in the third quarter. CX Institutional now owns 1,396 shares of the company’s stock worth $231,000 after buying an additional 67 shares during the last quarter. Granite Group Advisors LLC lifted its holdings in shares of Nexstar Media Group by 5.1% in the 1st quarter. Granite Group Advisors LLC now owns 1,489 shares of the company’s stock valued at $257,000 after acquiring an additional 72 shares during the last quarter. Blue Trust Inc. grew its position in Nexstar Media Group by 7.3% in the third quarter. Blue Trust Inc. now owns 1,088 shares of the company’s stock worth $181,000 after acquiring an additional 74 shares in the last quarter. Klein Pavlis & Peasley Financial Inc. increased its stake in Nexstar Media Group by 0.6% during the second quarter. Klein Pavlis & Peasley Financial Inc. now owns 13,903 shares of the company’s stock worth $2,308,000 after acquiring an additional 87 shares during the last quarter. Finally, SummerHaven Investment Management LLC raised its position in Nexstar Media Group by 2.3% during the second quarter. SummerHaven Investment Management LLC now owns 4,217 shares of the company’s stock valued at $700,000 after purchasing an additional 96 shares during the period. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Perry A. Sook sold 12,239 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $190.28, for a total transaction of $2,328,836.92. Following the transaction, the chief executive officer now directly owns 674,694 shares in the company, valued at $128,380,774.32. The trade was a 1.78 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Andrew Alford sold 3,175 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $167.82, for a total transaction of $532,828.50. Following the completion of the transaction, the insider now directly owns 9,173 shares of the company’s stock, valued at $1,539,412.86. The trade was a 25.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,903 shares of company stock valued at $7,833,240. 6.30% of the stock is owned by company insiders.

Nexstar Media Group Price Performance

Shares of NASDAQ:NXST opened at $169.12 on Friday. The company has a debt-to-equity ratio of 2.98, a current ratio of 1.68 and a quick ratio of 1.68. Nexstar Media Group, Inc. has a 12 month low of $141.38 and a 12 month high of $191.86. The firm has a market capitalization of $5.25 billion, a P/E ratio of 9.78, a P/E/G ratio of 0.20 and a beta of 1.48. The company’s fifty day moving average price is $168.93 and its 200 day moving average price is $167.15.

Nexstar Media Group (NASDAQ:NXST) last released its quarterly earnings results on Thursday, November 7th. The company reported $5.27 EPS for the quarter, missing the consensus estimate of $5.51 by ($0.24). The business had revenue of $1.37 billion during the quarter, compared to analysts’ expectations of $1.37 billion. Nexstar Media Group had a net margin of 11.39% and a return on equity of 26.03%. The firm’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.70 EPS. As a group, sell-side analysts predict that Nexstar Media Group, Inc. will post 24.53 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, November 29th. Shareholders of record on Friday, November 15th will be paid a dividend of $1.69 per share. This represents a $6.76 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Friday, November 15th. Nexstar Media Group’s dividend payout ratio is presently 39.10%.

Wall Street Analysts Forecast Growth

NXST has been the subject of a number of research analyst reports. Guggenheim decreased their price target on Nexstar Media Group from $200.00 to $198.00 and set a “buy” rating for the company in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Nexstar Media Group from $207.00 to $205.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Loop Capital downgraded shares of Nexstar Media Group from a “buy” rating to a “hold” rating and cut their price objective for the stock from $200.00 to $190.00 in a research report on Friday, November 8th. Barrington Research reissued an “outperform” rating and set a $200.00 target price on shares of Nexstar Media Group in a research report on Thursday, November 7th. Finally, StockNews.com raised Nexstar Media Group from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $198.50.

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.