Nexstar Broadcasting Group, Inc. (NXST) Receives Buy Rating from Royal Bank Of Canada
Royal Bank Of Canada reissued their buy rating on shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) in a report released on Monday. The firm currently has a $81.00 price objective on the stock.
A number of other research analysts have also recently weighed in on NXST. ValuEngine cut shares of Nexstar Broadcasting Group from a buy rating to a hold rating in a research note on Friday, June 2nd. BidaskClub upgraded shares of Nexstar Broadcasting Group from a strong sell rating to a sell rating in a research note on Wednesday, June 14th. Zacks Investment Research cut shares of Nexstar Broadcasting Group from a hold rating to a sell rating in a research note on Wednesday, July 12th. Finally, Wells Fargo & Company reiterated an outperform rating and issued a $85.00 price target on shares of Nexstar Broadcasting Group in a research note on Friday, July 14th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $77.00.
Shares of Nexstar Broadcasting Group (NXST) opened at 59.95 on Monday. The firm’s 50 day moving average price is $61.37 and its 200 day moving average price is $63.43. Nexstar Broadcasting Group has a 52-week low of $47.00 and a 52-week high of $73.90. The stock has a market cap of $2.77 billion, a P/E ratio of 24.66 and a beta of 2.27.
Nexstar Broadcasting Group (NASDAQ:NXST) last released its earnings results on Tuesday, August 8th. The company reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. Nexstar Broadcasting Group had a net margin of 5.44% and a return on equity of 18.35%. The company had revenue of $626.11 million for the quarter, compared to analysts’ expectations of $608.23 million. During the same quarter in the previous year, the company earned $0.78 EPS. Nexstar Broadcasting Group’s revenue for the quarter was up 139.0% on a year-over-year basis. On average, analysts expect that Nexstar Broadcasting Group will post $3.57 EPS for the current year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.00%. Nexstar Broadcasting Group’s dividend payout ratio (DPR) is presently 48.78%.
Nexstar Broadcasting Group declared that its Board of Directors has approved a stock repurchase plan on Monday, June 12th that permits the company to buyback $51.30 million in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, CFO Thomas Carter sold 3,125 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $63.50, for a total transaction of $198,437.50. Following the transaction, the chief financial officer now directly owns 67,836 shares in the company, valued at approximately $4,307,586. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dennis Miller sold 4,500 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $63.49, for a total transaction of $285,705.00. The disclosure for this sale can be found here. Corporate insiders own 8.40% of the company’s stock.
Large investors have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Nexstar Broadcasting Group by 98.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock valued at $127,000 after purchasing an additional 901 shares during the last quarter. Blueport Capital L.P. bought a new position in Nexstar Broadcasting Group during the 1st quarter valued at about $140,000. Thompson Siegel & Walmsley LLC bought a new position in Nexstar Broadcasting Group during the 2nd quarter valued at about $125,000. Invictus RG bought a new position in Nexstar Broadcasting Group during the 1st quarter valued at about $149,000. Finally, Bronfman E.L. Rothschild L.P. bought a new position in Nexstar Broadcasting Group during the 2nd quarter valued at about $145,000.
About Nexstar Broadcasting Group
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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