California Public Employees Retirement System raised its position in shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 33.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 75,411 shares of the company’s stock after buying an additional 18,711 shares during the period. California Public Employees Retirement System owned about 0.16% of Nexstar Broadcasting Group worth $5,290,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Neuberger Berman Group LLC boosted its stake in shares of Nexstar Broadcasting Group by 14.2% in the first quarter. Neuberger Berman Group LLC now owns 3,304,534 shares of the company’s stock valued at $231,813,000 after buying an additional 411,280 shares during the last quarter. FMR LLC boosted its stake in shares of Nexstar Broadcasting Group by 52.6% in the first quarter. FMR LLC now owns 2,280,054 shares of the company’s stock valued at $159,946,000 after buying an additional 785,601 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Nexstar Broadcasting Group by 1.0% in the first quarter. Bank of New York Mellon Corp now owns 2,098,247 shares of the company’s stock valued at $147,191,000 after buying an additional 21,029 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Nexstar Broadcasting Group by 36.4% in the first quarter. JPMorgan Chase & Co. now owns 1,612,829 shares of the company’s stock valued at $113,141,000 after buying an additional 430,438 shares during the last quarter. Finally, Muse John R purchased a new stake in shares of Nexstar Broadcasting Group during the first quarter valued at approximately $70,119,000.

Nexstar Broadcasting Group, Inc. (NXST) traded down 0.48% during midday trading on Friday, reaching $61.60. The company’s stock had a trading volume of 513,396 shares. The company has a 50 day moving average of $62.03 and a 200-day moving average of $64.66. The company has a market capitalization of $2.91 billion, a P/E ratio of 28.61 and a beta of 2.31. Nexstar Broadcasting Group, Inc. has a 1-year low of $47.00 and a 1-year high of $73.90.

Nexstar Broadcasting Group (NASDAQ:NXST) last issued its quarterly earnings data on Tuesday, May 9th. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.71. The company had revenue of $540.32 million for the quarter, compared to analysts’ expectations of $525.76 million. Nexstar Broadcasting Group had a return on equity of 24.33% and a net margin of 5.47%. The firm’s quarterly revenue was up 111.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.69 earnings per share. Equities research analysts anticipate that Nexstar Broadcasting Group, Inc. will post $3.31 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 25th. Shareholders of record on Friday, August 11th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date of this dividend is Wednesday, August 9th. Nexstar Broadcasting Group’s dividend payout ratio is presently 51.50%.

Nexstar Broadcasting Group declared that its Board of Directors has approved a share buyback program on Monday, June 12th that authorizes the company to buyback $51.30 million in outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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Several analysts recently commented on NXST shares. Zacks Investment Research upgraded Nexstar Broadcasting Group from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Friday, May 5th. ValuEngine cut Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub upgraded Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Royal Bank Of Canada restated a “buy” rating and issued a $83.00 target price on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. Finally, Wells Fargo & Company restated an “outperform” rating and issued a $85.00 target price on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $78.00.

Nexstar Broadcasting Group Company Profile

Nexstar Media Group, Inc, formerly Nexstar Broadcasting Group, Inc, is a television broadcasting and digital media company. The Company is focused on the acquisition, development and operation of television stations and interactive community Websites, and digital media services in medium-sized markets in the United States.

Institutional Ownership by Quarter for Nexstar Broadcasting Group (NASDAQ:NXST)

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