Nexstar Media says board is raising quarterly dividend by 50% to $1.35 a share

Nexstar Media Group Inc.
NXST,
+2.23%
said Friday its board has approved a 50% increase in its quarterly cash dividend to $1.35 a share. The diversified media company said the new dividend will be payable on Friday, Feb. 24 to shareholders of record as of Feb. 10. The stock has gained 27% in the last 12 months, while the S&P 500
SPX,
+1.10%
has fallen 6%.