Nexstar Raises Quarterly Cash Dividend By 50%

The $1.35 per share dividend represents a 2.8% annualized yield based on the closing stock price on Jan. 26. The increase marks the company’s 10th consecutive annual cash dividend. increase.

Nexstar Media Group today announced that its board of directors approved a 50% increase to its quarterly cash dividend to $1.35 per share beginning with the dividend declared for the first quarter of 2023. The dividend is payable on Friday, Feb. 24, to shareholders of record on Friday, Feb. 10.

Perry Sook, Nexstar Media Group’s founder, chairman and chief executive officer, said: “The 50% increase in our 2023 quarterly cash dividend substantially exceeds our historical compound annual dividend growth rate of 25%. This outsized increase highlights our confidence in Nexstar’s ability to continue to generate significant free cash flow and our commitment to return capital to shareholders.

“Our strong free cash flow enables us to not only increase the percentage of capital returned to shareholders in the form of dividends but also continue to opportunistically repurchase shares, as well as reduce debt and pursue strategic opportunities to create shareholder value.”

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elizabethgorgon1 says:

February 20, 2023 at 4:46 am

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