Nexstar Broadcasting Group, Inc. (NXST) to Issue Quarterly Dividend of $0.30 on August 25th
Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) announced a quarterly dividend on Friday, July 28th, Wall Street Journal reports. Stockholders of record on Friday, August 11th will be paid a dividend of 0.30 per share on Friday, August 25th. This represents a $1.20 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, August 9th.
Shares of Nexstar Broadcasting Group (NASDAQ:NXST) opened at 62.35 on Tuesday. The stock has a market cap of $2.94 billion, a PE ratio of 28.96 and a beta of 2.31. Nexstar Broadcasting Group has a 12 month low of $47.00 and a 12 month high of $73.90. The stock has a 50 day moving average of $62.03 and a 200 day moving average of $64.66.
Nexstar Broadcasting Group (NASDAQ:NXST) last posted its quarterly earnings results on Tuesday, May 9th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of ($0.27) by $0.71. Nexstar Broadcasting Group had a net margin of 5.47% and a return on equity of 24.33%. The company had revenue of $540.32 million during the quarter, compared to analysts’ expectations of $525.76 million. During the same quarter in the previous year, the business posted $0.69 EPS. The firm’s revenue was up 111.3% on a year-over-year basis. On average, equities analysts anticipate that Nexstar Broadcasting Group will post $3.31 earnings per share for the current fiscal year.
NXST has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a report on Friday, May 5th. ValuEngine cut shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Royal Bank Of Canada reiterated a “buy” rating and set a $83.00 price target on shares of Nexstar Broadcasting Group in a report on Thursday, July 6th. BidaskClub upgraded shares of Nexstar Broadcasting Group from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Finally, Wells Fargo & Company reiterated an “outperform” rating and set a $85.00 price target on shares of Nexstar Broadcasting Group in a report on Friday, July 14th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $78.00.
Nexstar Broadcasting Group declared that its board has approved a stock repurchase program on Monday, June 12th that permits the company to buyback $51.30 million in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership 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.
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