Lee Ann Gliha, Executive Vice President and Chief Financial Officer of Nexstar Media Group, Inc. (NASDAQ:NXST), recently sold shares of the company's stock valued at approximately $52,214. The transaction, executed on December 23, involved the sale of 330 shares at an average price of $158.227 per share. The company, currently trading at an attractive 9x P/E ratio, appears undervalued according to InvestingPro analysis, with a "GOOD" overall financial health rating.
This sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units (RSUs). On December 20, Gliha acquired 833 shares of common stock through the vesting of RSUs, though this acquisition did not involve a cash transaction, as the RSUs were converted at no cost. Notably, InvestingPro data shows the company maintains a strong 4.27% dividend yield with impressive 25% year-over-year dividend growth.
Following these transactions, Gliha holds 8,610 shares of Nexstar Media Group's common stock. InvestingPro reveals management has been actively buying back shares, one of 10+ additional insights available to subscribers through detailed Pro Research Reports.
In other recent news, Nexstar Media Group reported a record-breaking third quarter for 2024. The company's net revenue reached an all-time high of $1.37 billion, marking a 20.7% increase from the previous year. This growth was largely attributed to a significant rise in political advertising revenue, totaling $491 million year-to-date, and a boost in distribution revenue, which hit a record $719 million.
Nexstar also demonstrated a strong commitment to its shareholders, returning a substantial $590 million through dividends and share repurchases. This move resulted in a reduction of the company's debt by $146 million and a decrease in outstanding shares by 6.3%. However, it's noteworthy to mention that the company experienced a 4.5% decline in nonpolitical advertising and a decrease in national revenue.
Analysts have noted that while Nexstar's nonpolitical advertising and national revenue have seen declines, the company's political advertising revenue surged to $154 million, a $135 million increase year-over-year. Furthermore, Nexstar successfully renewed significant affiliations, including a deal with CBS for 42 markets. These recent developments highlight the company's strategic positioning within the industry and its potential for future growth.
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