On June 9th, 2023, Bank of America Corp DE announced that it had raised its position in shares of Nexstar Media Group, Inc. (NASDAQ:NXST) by 10.5% in the fourth quarter. This move is significant as it shows a strong trend of investment in media companies such as Nexstar.
Bank of America Corp DE owned approximately 0.59% of Nexstar Media Group worth $38,614,000 as their latest SEC filings revealed last quarter. The news comes just one month after Nexstar reported its quarterly earnings results on May 9th with an impressive $2.97 earnings per share (EPS). The company beat the consensus estimate of $2.13 by $0.84 and had revenue of $1.26 billion during the quarter.
Nexstar Media Group’s net margin was at an exceptional level of 15 % and a return on equity (ROE) reached the impressive percentage value of 33%. Moreover, for the current fiscal year, research analysts anticipate that Nexstar will post an EPS value equivalent to a staggering amount of $11.58.
In other news from Nexstar Media Group made public on June 2nd, COO Thomas Carter sold ten thousand shares of the firm’s stock at an average price of $157.85 per share for a total transaction amounting to $1,578,500 followed by another transaction conducted just four days later when CFO Lee Ann Gliha sold three hundred seventeen shares at an average price per share value close to two hundred dollars!
The transactions were disclosed in documents filed with the SEC which can be accessed through relevant links made available online by various financial platforms and news publishers covering transactions in real time.
Over the past 90 days corporate insiders have reportedly offloaded sixteen thousand four hundred ninety-three shares for a combined value over two million six hundred twenty-six thousand one hundred and one dollars of the company’s stock valued. With media companies such as Nexstar Media Group seeing this increase in investment, we may see an even larger trend towards investing in the media sector in the coming months.
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Nexstar Media Group’s stock sees increase in trading activity and impressive ratings from analysts
Nexstar Media Group, Inc. is a popular company that is experienced in exhibition and distribution of various television programs in the United States. It has a market capitalization of $6.04 billion with a price-to-earnings-growth ratio of 1.39 and a beta of 1.48. In the last three months, corporate insiders have sold about 16,493 shares of company stock valued at $2,626,101. Institutional investors own approximately 94.48% of the firm’s shares.
Recently, several other hedge funds also traded shares of NXST. During the first quarter, Brown Brothers Harriman & Co. bought a new stake in Nexstar Media Group worth $26,000 while Column Capital Advisors LLC boosted its holdings during the fourth quarter by 55.4% and now owns 174 shares valued at $30,000 after acquiring an additional 62 shares.
First Horizon Advisors Inc also acquired an additional 68 shares during the same period and now holds a total of 562 shares which are worth about $98,000 while Atlas Capital Advisors LLC boosted its holdings by about 230.9% during the second quarter and now holds approximately 781 shares valued at $127,000 after acquiring an additional 545 shares.
In addition to this impressive trading activities recently recorded by some hedge funds investing in Nexstar Media Group’s stocks, on June 9th NASDAQ:NXST opened at $168.33—with its quick ratio and current ratio standing at about 1.97—and attained a market capitalization amounting to over six billion dollars.
Moving forward with regard to how analysts view this company’s value proposition for their clients’ portfolios; Barrington Research rated it as “Outperform” with a target price set at $235 per share based on their research note issued on Thursday, March 8th while StockNews.com issued “Hold” rating for Nexstar Media Group on Thursday, May 18th. Finally, Benchmark regards Nexstar as a “Buy” with a target price of $230 per share based on their research note released on Monday, February 27th.
