Allianz Asset Management GmbH Purchases 132,710 Shares of TEGNA Inc. (NYSE:TGNA)

Allianz Asset Management GmbH lifted its position in TEGNA Inc. (NYSE:TGNA - Free Report) by 90.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 280,152 shares of the company's stock after purchasing an additional 132,710 shares during the period. Allianz Asset Management GmbH owned about 0.17% of TEGNA worth $5,104,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Neo Ivy Capital Management bought a new stake in TEGNA in the fourth quarter valued at $28,000. Tower Research Capital LLC TRC boosted its holdings in TEGNA by 80.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock valued at $31,000 after acquiring an additional 749 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in TEGNA in the fourth quarter valued at $32,000. GAMMA Investing LLC boosted its holdings in TEGNA by 53.3% in the first quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $57,000 after acquiring an additional 1,088 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in TEGNA by 26.0% in the first quarter. Blue Trust Inc. now owns 4,227 shares of the company's stock valued at $77,000 after acquiring an additional 873 shares in the last quarter. Institutional investors own 92.19% of the company's stock.

TEGNA Trading Down 0.2%

TGNA stock opened at $17.00 on Tuesday. TEGNA Inc. has a 1-year low of $13.37 and a 1-year high of $19.62. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of 5.99 and a beta of 0.30. The business has a 50 day simple moving average of $16.81 and a two-hundred day simple moving average of $17.23.

TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.03. The business had revenue of $680.05 million for the quarter, compared to analysts' expectations of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. The company's revenue for the quarter was down 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. Research analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date was Friday, June 6th. TEGNA's dividend payout ratio (DPR) is 17.61%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Guggenheim lowered their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. lowered their price objective on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Benchmark lowered their price target on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company lowered their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.00.

TEGNA Company Profile

TEGNA Inc, a media company, provides broadcast advertising and marketing products and services for businesses. The company operates 47 television stations in 39 markets of the United States that produce local programming, such as news, sports, and entertainment. It offers local and national non-political advertising; political advertising; production of programming from third parties; production of advertising materials; and digital marketing services, as well as advertising services on the stations' Websites, tablets, and mobile products.

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