Brokerages Set Nexstar Broadcasting Group, Inc. (NXST) Price Target at $78.57
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) has earned a consensus recommendation of “Buy” from the ten research firms that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $78.57.
A number of brokerages recently issued reports on NXST. BidaskClub raised Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research report on Friday, August 11th. Royal Bank Of Canada reissued an “outperform” rating and set a $81.00 price target (down previously from $83.00) on shares of Nexstar Broadcasting Group in a research report on Thursday, August 10th. ValuEngine cut Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Zacks Investment Research cut Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Wells Fargo & Company restated an “outperform” rating and set a $85.00 target price on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th.
Nexstar Broadcasting Group (NASDAQ:NXST) traded down 0.08% during trading on Tuesday, hitting $59.10. The company had a trading volume of 431,617 shares. The stock has a 50-day moving average of $62.81 and a 200 day moving average of $64.04. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 24.31 and a beta of 2.27. Nexstar Broadcasting Group has a one year low of $47.00 and a one year high of $73.90.
Nexstar Broadcasting Group (NASDAQ:NXST) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.01. The business had revenue of $626.11 million for the quarter, compared to the consensus estimate of $608.23 million. Nexstar Broadcasting Group had a return on equity of 18.35% and a net margin of 5.44%. The firm’s quarterly revenue was up 139.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.78 earnings per share. Equities analysts forecast that Nexstar Broadcasting Group will post $3.57 EPS for the current fiscal year.
Nexstar Broadcasting Group announced that its board has authorized a stock repurchase program on Monday, June 12th that allows the company to buyback $51.30 million in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Wednesday, August 9th. Nexstar Broadcasting Group’s payout ratio is presently 48.78%.
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In other news, Director Dennis Miller sold 4,500 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $63.49, for a total value of $285,705.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas Carter sold 3,125 shares of the stock in a transaction on Friday, August 11th. The shares were sold at an average price of $63.50, for a total value of $198,437.50. Following the completion of the transaction, the chief financial officer now owns 67,836 shares of the company’s stock, valued at $4,307,586. The disclosure for this sale can be found here. 7.80% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. lifted its stake in shares of Nexstar Broadcasting Group by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 6,826 shares of the company’s stock valued at $408,000 after acquiring an additional 18 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in shares of Nexstar Broadcasting Group by 2.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 3,584 shares of the company’s stock valued at $214,000 after acquiring an additional 99 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake in shares of Nexstar Broadcasting Group by 0.6% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 23,312 shares of the company’s stock valued at $1,394,000 after acquiring an additional 131 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Nexstar Broadcasting Group by 4.3% in the 1st quarter. ProShare Advisors LLC now owns 5,002 shares of the company’s stock valued at $351,000 after acquiring an additional 207 shares during the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in shares of Nexstar Broadcasting Group by 8.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,990 shares of the company’s stock valued at $239,000 after acquiring an additional 312 shares during the last quarter.
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.
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