Corebridge Financial Inc. Sells 2,865 Shares of Nexstar Media Group, Inc. (NASDAQ:NXST)

Corebridge Financial Inc. decreased its position in Nexstar Media Group, Inc. (NASDAQ:NXST) by 8.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 33,142 shares of the company’s stock after selling 2,865 shares during the quarter. Corebridge Financial Inc.’s holdings in Nexstar Media Group were worth $5,235,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in NXST. Pacer Advisors Inc. increased its stake in shares of Nexstar Media Group by 27,180.2% in the 4th quarter. Pacer Advisors Inc. now owns 1,206,877 shares of the company’s stock worth $190,650,000 after acquiring an additional 1,202,453 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in Nexstar Media Group in the fourth quarter worth about $35,560,000. Raymond James Financial Inc. bought a new position in shares of Nexstar Media Group during the fourth quarter valued at approximately $8,402,000. World Investment Advisors LLC purchased a new position in shares of Nexstar Media Group during the third quarter valued at approximately $3,747,000. Finally, SGL Investment Advisors Inc. bought a new stake in shares of Nexstar Media Group in the 3rd quarter worth approximately $3,758,000. Hedge funds and other institutional investors own 95.30% of the company’s stock.

Insider Buying and Selling

In related news, CEO Perry A. Sook sold 32,096 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $170.67, for a total value of $5,477,824.32. Following the transaction, the chief executive officer now owns 806,019 shares of the company’s stock, valued at approximately $137,563,262.73. This trade represents a 3.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Gary Weitman sold 1,241 shares of the business’s stock in a transaction that occurred on 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 owns 3,975 shares of the company’s stock, valued at $704,409.75. This trade represents a 23.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 39,105 shares of company stock valued at $6,722,463 over the last 90 days. Company insiders own 6.30% of the company’s stock.

Nexstar Media Group Price Performance

NXST opened at $176.45 on Friday. The company’s 50-day simple moving average is $162.36 and its two-hundred day simple moving average is $164.61. 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 has a market capitalization of $5.38 billion, a P/E ratio of 10.21, a P/E/G ratio of 0.45 and a beta of 1.47. Nexstar Media Group, Inc. has a 52-week low of $146.04 and a 52-week high of $191.86.

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

Nexstar Media Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Wednesday, February 12th were paid a $1.86 dividend. This is an increase from Nexstar Media Group’s previous quarterly dividend of $1.69. This represents a $7.44 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date was Wednesday, February 12th. Nexstar Media Group’s dividend payout ratio (DPR) is 34.56%.

Analyst Ratings Changes

NXST has been the subject of a number of analyst reports. Loop Capital raised Nexstar Media Group from a “hold” rating to a “buy” rating and raised their price objective for the company from $190.00 to $200.00 in a research report on Friday, February 28th. Rosenblatt Securities restated a “buy” rating and set a $200.00 price target on shares of Nexstar Media Group in a report on Monday, March 10th. Barrington Research reaffirmed an “outperform” rating and issued a $200.00 price target on shares of Nexstar Media Group in a research report on Wednesday, March 5th. Benchmark increased their price objective on shares of Nexstar Media Group from $200.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Guggenheim lifted their target price on shares of Nexstar Media Group from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, February 28th. One investment 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 has an average rating of “Moderate Buy” and a consensus price target of $208.43.

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.