In recent trading activity, Bernadette S. Aulestia, a director at Nexstar Media Group, Inc. (NASDAQ:NXST), sold 500 shares of the company's common stock. The shares were sold at an average price of $164.449 per share, amounting to a total transaction value of $82,224. Following this sale, Aulestia holds 2,000 shares of Nexstar Media Group stock. The transaction was reported on December 12, 2024, reflecting activity from the previous day.The sale comes at a time when Nexstar shows strong financial fundamentals, with a healthy 4.1% dividend yield and 25% dividend growth over the last year. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics. InvestingPro data reveals that management has been actively buying back shares, one of 10+ additional insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Nexstar Media Group reported its highest third-quarter net revenue in the company's history, reaching $1.37 billion, a 20.7% increase year-over-year. This growth was largely driven by a surge in political advertising revenue, totaling $491 million year-to-date, and a significant rise in distribution revenue, which hit a record $719 million. Nexstar also returned a substantial $590 million to shareholders through dividends and share repurchases, reducing its debt by $146 million and outstanding shares by 6.3%.
The company's diversified media platform, including 200 broadcast stations and The CW network, contributed to its strong performance. Nexstar maintains an optimistic outlook on future growth, particularly in political advertising and potential industry deregulation. However, the company reported a 4.5% decline in nonpolitical advertising and a decrease in national revenue.
Despite these challenges, Nexstar's political advertising revenue surged to $154 million, a $135 million increase year-over-year, and the company secured significant affiliation renewals. These recent developments highlight Nexstar's robust financial performance and strategic positioning in the industry.
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