Nexstar Media boosts dividend by 24%, to lift the yield above the S&P 500

Nexstar Media Group Inc. said Friday it raised its quarterly dividend by 24%, to 56 cents a share from 45 cents a share. The TV station owner new dividend will be payable Feb. 28 to shareholders of record on Feb. 14. Based on Thursday's stock closing price of $121.97, the new annual dividend rate implies a dividend yield of 1.84%, compared with the implied yield for the S&P 500 of 1.83%, according to FactSet. Nexstar's stock, which was still inactive in premarket trading, has rallied 25.4% over the past three months, while the S&P 500 has gained 8.1%.

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