Nexstar Media Group‘s Board of Directors has signed off on a sizable quarterly cash dividend — a positive sign that came just before the latest setback for media stocks on Wall Street.
The nation’s biggest owner of TV stations saw its board on Friday sign off on a dividend of $0.56 per share of its Class A common stock.
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The dividend is payable on Friday, May 29 to shareholders of record on Friday, May 15.
The dividend announcement comes as Nexstar shares fell 4.9% to $66.60 on Friday.
This was part of a wholesale decline in U.S. financial markets tied to an escalating war of words between the White House and Beijing that some think could erupt into a trade war.
Exacerbating matters: CNBC analyst Jim Cramer says his most trusted indicator makes him concerned. That would be a +7.2% on the S&P short-range oscillator, to which he says, “Anything above +5% is overbought. A 7.2 reading makes me concerned.”