JPMorgan Chase & Co. lowered its stake in shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) by 0.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,598,122 shares of the company’s stock after selling 14,707 shares during the quarter. JPMorgan Chase & Co. owned about 3.38% of Nexstar Broadcasting Group worth $95,567,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Nexstar Broadcasting Group by 98.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,817 shares of the company’s stock worth $127,000 after acquiring an additional 901 shares during the period. Blueport Capital L.P. bought a new position in Nexstar Broadcasting Group during the first quarter worth $140,000. Invictus RG bought a new position in Nexstar Broadcasting Group during the first quarter worth $149,000. Bronfman E.L. Rothschild L.P. bought a new position in Nexstar Broadcasting Group during the second quarter worth $145,000. Finally, SG Americas Securities LLC increased its position in Nexstar Broadcasting Group by 48.4% during the first quarter. SG Americas Securities LLC now owns 2,633 shares of the company’s stock worth $185,000 after acquiring an additional 859 shares during the period.

Shares of Nexstar Broadcasting Group, Inc. (NASDAQ:NXST) opened at 59.10 on Friday. Nexstar Broadcasting Group, Inc. has a one year low of $47.00 and a one year high of $73.90. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 24.31 and a beta of 2.27. The firm has a 50-day moving average of $62.65 and a 200 day moving average of $64.00.

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

Nexstar Broadcasting Group announced that its board has authorized a stock repurchase plan on Monday, June 12th that allows the company to repurchase $51.30 million in outstanding shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Investors of record on Friday, August 11th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Wednesday, August 9th. This represents a $1.20 dividend on an annualized basis and a yield of 2.03%. Nexstar Broadcasting Group’s dividend payout ratio (DPR) is 48.78%.

A number of brokerages recently issued reports on NXST. BidaskClub raised shares of Nexstar Broadcasting Group from a “hold” rating to a “buy” rating in a research report on Friday, August 11th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $81.00 target price (down previously from $83.00) on shares of Nexstar Broadcasting Group in a research report on Thursday, August 10th. ValuEngine lowered shares of Nexstar Broadcasting Group from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research lowered shares of Nexstar Broadcasting Group from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Finally, Wells Fargo & Company reaffirmed an “outperform” rating and set a $85.00 target price on shares of Nexstar Broadcasting Group in a research report on Friday, July 14th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $77.75.

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In related news, Director Dennis Miller sold 4,500 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $63.49, for a total transaction of $285,705.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Thomas Carter sold 3,125 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $63.50, for a total value of $198,437.50. Following the sale, the chief financial officer now directly owns 67,836 shares in the company, valued at approximately $4,307,586. The disclosure for this sale can be found here. Corporate insiders own 7.80% of the company’s stock.

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

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