Alps Advisors Inc. Boosts Stake in TEGNA Inc. (NYSE:TGNA)

Alps Advisors Inc. grew its holdings in TEGNA Inc. (NYSE:TGNA - Free Report) by 11.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 522,568 shares of the company's stock after buying an additional 53,273 shares during the quarter. Alps Advisors Inc. owned 0.33% of TEGNA worth $9,521,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TGNA. Jones Financial Companies Lllp purchased a new stake in shares of TEGNA in the fourth quarter valued at approximately $27,000. Neo Ivy Capital Management purchased a new stake in shares of TEGNA in the fourth quarter valued at approximately $28,000. Smartleaf Asset Management LLC increased its position in shares of TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock valued at $31,000 after buying an additional 832 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of 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 buying an additional 749 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in shares of TEGNA in the fourth quarter worth approximately $32,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

TEGNA Price Performance

Shares of NYSE:TGNA traded down $0.33 during trading on Friday, reaching $17.11. The stock had a trading volume of 984,022 shares, compared to its average volume of 1,834,012. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 1.40. The business has a fifty day moving average price of $16.86 and a 200-day moving average price of $17.35. The stock has a market cap of $2.75 billion, a PE ratio of 6.02 and a beta of 0.30. TEGNA Inc. has a 1-year low of $13.37 and a 1-year high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.34 by $0.03. The company had revenue of $680.05 million for the quarter, compared to analyst estimates of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. The firm's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.45 earnings per share. On average, equities analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Friday, June 6th. TEGNA's dividend payout ratio (DPR) is currently 17.61%.

TEGNA 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.