PNC Financial Services Group Inc. Cuts Stock Holdings in Nexstar Media Group, Inc. $NXST

PNC Financial Services Group Inc. cut its stake in Nexstar Media Group, Inc. (NASDAQ:NXST) by 2.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 124,674 shares of the company’s stock after selling 2,590 shares during the period. PNC Financial Services Group Inc. owned about 0.41% of Nexstar Media Group worth $21,562,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc raised its position in Nexstar Media Group by 375.0% in the 2nd quarter. IFP Advisors Inc now owns 152 shares of the company’s stock valued at $26,000 after purchasing an additional 120 shares in the last quarter. Allworth Financial LP grew its position in shares of Nexstar Media Group by 617.2% during the second quarter. Allworth Financial LP now owns 208 shares of the company’s stock worth $36,000 after buying an additional 179 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of Nexstar Media Group during the second quarter worth approximately $43,000. Parkside Financial Bank & Trust raised its holdings in Nexstar Media Group by 70.6% in the second quarter. Parkside Financial Bank & Trust now owns 273 shares of the company’s stock valued at $47,000 after acquiring an additional 113 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Nexstar Media Group by 2,293.8% in the first quarter. Caitong International Asset Management Co. Ltd now owns 383 shares of the company’s stock valued at $69,000 after acquiring an additional 367 shares in the last quarter. 95.30% of the stock is owned by institutional investors and hedge funds.

Nexstar Media Group Price Performance

Shares of NXST opened at $182.18 on Friday. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.69 and a quick ratio of 1.69. Nexstar Media Group, Inc. has a 1-year low of $141.66 and a 1-year high of $223.36. The stock has a market cap of $5.52 billion, a PE ratio of 9.46, a price-to-earnings-growth ratio of 1.40 and a beta of 0.99. The firm has a fifty day moving average price of $196.93 and a 200 day moving average price of $186.48.

Nexstar Media Group (NASDAQ:NXST) last posted its earnings results on Thursday, November 6th. The company reported $2.14 EPS for the quarter, missing analysts’ consensus estimates of $2.62 by ($0.48). Nexstar Media Group had a return on equity of 28.40% and a net margin of 11.90%.The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter last year, the firm posted $5.27 EPS. The firm’s revenue for the quarter was down 12.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Nexstar Media Group, Inc. will post 21.62 EPS for the current year.

Nexstar Media Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Wednesday, November 12th will be paid a $1.86 dividend. The ex-dividend date is Wednesday, November 12th. This represents a $7.44 dividend on an annualized basis and a yield of 4.1%. Nexstar Media Group’s payout ratio is currently 46.13%.

Analysts Set New Price Targets

NXST has been the subject of several analyst reports. Barrington Research reiterated an “outperform” rating and set a $225.00 price target on shares of Nexstar Media Group in a report on Tuesday, August 19th. Guggenheim lifted their price objective on shares of Nexstar Media Group from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Wells Fargo & Company increased their target price on Nexstar Media Group from $206.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, August 8th. Benchmark raised their price target on Nexstar Media Group from $220.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Finally, Zacks Research raised Nexstar Media Group to a “hold” rating in a research report on Friday, August 8th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $225.00.

Nexstar Media Group Company 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.