With its earnings set for distribution on August 5, Nexstar Media Group stock has settled in to a range in the mid-$80s as a strong and steady recovery from a COVID-19 fueled low of $46.26 was seen March 23.
The healthy recovery has resulted in a reward for the broadcast TV company’s shareholders.
Nexstar’s board of directors late last week declared a quarterly cash dividend of $0.56 per share of its Class A common stock. The dividend is payable on Friday, August 21, to shareholders of record on Friday, August 7.
And, it mirrors the dividend paid May 29 to shareholders of record on May 15, and that paid February 28 to shareholders of record February 14.
The dividend in February was a 24.4% increase from the prior quarter.
It’s the latest positive news to come from the nation’s largest owner of over-the-air TV stations, which earlier this month transferred its option to purchase WPIX-11 in New York from The E.W. Scripps Co. — presently embroiled in a retrans war with Dish — to Mission Broadcasting.
Then, there’s Nexstar’s involvement in the continued rollout of NEXTGEN TV, with broadcasts in the ATSC 3.0 standard now seen in Salt Lake City, where the company owns KTVX-TV and KUCW-TV, the ABC and CW Networks affiliates, respectively.