Shares of Nexstar Media Group, Inc. (NXST) gained 5% on Friday after the company announced plans to increase its quarterly common stock dividend. It operates as a television broadcasting and digital media company.
The company’s board of directors has approved a 29% hike in dividend for 2022 from $0.70 to $0.90 per share. Annually, the dividend will be raised from $2.80 to $3.60. The dividend is payable on February 28, 2022, to shareholders of record on February 11, 2022.
The Founder, Chairman and CEO of Nexstar Media, Perry Sook, said, “Our capital allocation priorities remain focused on creating near- and long-term shareholder value by deploying our free cash flow through a mix of debt repayments, share repurchases, dividend payments and strategic investments and acquisitions.”
Consensus among analysts is a Strong Buy based on 7 unanimous Buys. The Nexstar Media stock price prediction of $189.14 implies 16.5% upside potential from current levels. Shares have gained 37.6% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Nexstar Media with 5.4% of investors increasing their exposure to NXST stock over the past 30 days.
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