Nexstar Media Group Raises Quarterly Cash Dividend 25%

Nexstar Media Group Inc. said on Friday it is increasing its quarterly cash dividend by 25% to 30 cents per share. The dividend, which is the company's fourth annual consecutive increase, is payable Feb. 24 to shareholders of record Feb. 10. Nextstar hopes its strategies to build the top line, maintain fixed costs and optimize the balance sheet will support its goals to deliver or exceed free cash flow targets of $565 million for the 2016/2017 cycle and allow the company to reduce leverage, pursue acquisitions, pay dividends and consider other return of capital initiatives, Chief Executive Perry Sook said in a statement. Shares of Nexstar have gained nearly 35% in the trailing 12-month period, outperforming the S&P 500 Index , which is up 22% in the same time frame.