Royal Bank of Canada boosted its position in shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 62.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,071,694 shares of the company’s stock after buying an additional 410,332 shares during the quarter. Royal Bank of Canada owned approximately 2.32% of Nexstar Broadcasting Group worth $64,089,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Rovida Advisors Inc. purchased a new position in Nexstar Broadcasting Group in the second quarter valued at $2,912,000. Sei Investments Co. raised its position in shares of Nexstar Broadcasting Group by 25.1% in the second quarter. Sei Investments Co. now owns 18,239 shares of the company’s stock worth $1,092,000 after acquiring an additional 3,658 shares during the period. Teacher Retirement System of Texas raised its position in shares of Nexstar Broadcasting Group by 2.8% in the second quarter. Teacher Retirement System of Texas now owns 3,584 shares of the company’s stock worth $214,000 after acquiring an additional 99 shares during the period. Lazard Asset Management LLC raised its position in shares of Nexstar Broadcasting Group by 64.1% in the second quarter. Lazard Asset Management LLC now owns 133,121 shares of the company’s stock worth $7,960,000 after acquiring an additional 52,015 shares during the period. Finally, Strs Ohio acquired a new position in shares of Nexstar Broadcasting Group in the first quarter worth about $322,000.

NXST has been the topic of several recent analyst reports. Royal Bank Of Canada reissued a “buy” rating and set a $83.00 target price on shares of Nexstar Broadcasting Group in a research note on Thursday, July 6th. BidaskClub lowered Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Zacks Investment Research lowered Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. ValuEngine upgraded Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Nexstar Broadcasting Group in a report on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $78.71.

In related news, Director Dennis Miller sold 4,500 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were 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 is accessible through the SEC website. Also, CFO Thomas Carter sold 3,125 shares of the firm’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 completion of the sale, the chief financial officer now owns 67,836 shares of the company’s stock, valued at approximately $4,307,586. The disclosure for this sale can be found here. Insiders have sold a total of 972,682 shares of company stock worth $58,308,393 over the last 90 days. Insiders own 8.40% of the company’s stock.

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Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) traded up 2.796% during trading on Wednesday, reaching $63.425. 217,190 shares of the company’s stock traded hands. The stock has a market cap of $2.93 billion, a P/E ratio of 26.090 and a beta of 2.22. The firm’s 50 day moving average price is $60.43 and its 200-day moving average price is $62.64. Nexstar Broadcasting Group, Inc. has a one year low of $47.00 and a one year high of $73.90.

Nexstar Broadcasting Group (NASDAQ:NXST) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.01. Nexstar Broadcasting Group had a return on equity of 18.35% and a net margin of 5.44%. The firm had revenue of $626.11 million during the quarter, compared to analysts’ expectations of $608.23 million. During the same quarter in the prior year, the business posted $0.78 earnings per share. Nexstar Broadcasting Group’s revenue was up 139.0% compared to the same quarter last year. On average, equities analysts anticipate that Nexstar Broadcasting Group, Inc. will post $3.57 earnings per share for the current fiscal year.

Nexstar Broadcasting Group declared that its Board of Directors has initiated a share buyback plan on Monday, June 12th that authorizes the company to repurchase $51.30 million in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.

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

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