Andrew Alford, President of Broadcasting at Nexstar Media Group, Inc. (NASDAQ:NXST), sold common stock totaling $127,424 on June 16, 2026. The transaction occurred at an average price of $170.81 per share, a figure closely aligned with the stock's current market price of $172.11. At the time of the report, the stock was trading near its 52-week low of $164. According to InvestingPro analysis, the stock appears overvalued relative to its Fair Value estimate. Nexstar Media Group maintains a market capitalization of $5.23 billion and offers investors a dividend yield of 4.32%. The company has raised its dividend for 13 consecutive years, a key metric highlighted in comprehensive analysis available through InvestingPro.
This specific transaction was primarily executed to cover tax withholding obligations in connection with the settlement of performance-based restricted stock units and other restricted stock units that vested on June 8, 2026, and June 14, 2026, respectively. The sale followed the acquisition of 938 shares of common stock on June 14, 2026, which resulted from the vesting of restricted stock units. Each RSU converts into one share of Nexstar’s common stock upon the reporting person’s continued service through the applicable vesting date. These vested RSUs were part of an award of 3,750 RSUs granted on June 14, 2023, with portions vesting annually over several years.
Following these transactions, Mr. Alford directly holds 14,549 shares of Nexstar Media Group common stock. In other recent news, Nexstar Media Group Inc. reported strong financial results for the first quarter of 2026, surpassing Wall Street expectations. The company achieved earnings per share of $5.09, outperforming the anticipated $4.45, and generated revenue of $1.4 billion, exceeding the forecasted $1.26 billion. The growth was attributed to strategic initiatives and the successful integration of Tegna operations.
In a separate development, Nexstar shareholders approved all proposals at the company’s 2026 Annual Shareholders Meeting, including the election of board nominees and the ratification of PricewaterhouseCoopers LLP as the independent auditor. Nexstar also announced the promotion of four executives across its government relations, human resources, and legal departments. Meanwhile, TEGNA Inc. appointed Patrick Paolini as CEO, effective June 1, and named Kurt Rao as chief technology and digital products officer. These recent developments highlight significant leadership changes and strategic advancements within both companies.