Annis Gardner Whiting Capital Advisors LLC Purchases Shares of 38,000 TEGNA Inc. (NYSE:TGNA)

Key Points

• Annis Gardner Whiting Capital Advisors LLC has acquired a new stake in TEGNA Inc., purchasing 38,000 shares valued at approximately $692,000.
• TEGNA reported a quarterly EPS of $0.37, exceeding analysts' expectations by $0.03, despite a 4.8% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.125, translating to an annualized dividend yield of 3.1%.

Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 38,000 shares of the company's stock, valued at approximately $692,000.

A number of other hedge funds have also made changes to their positions in TGNA. PNC Financial Services Group Inc. boosted its position in TEGNA by 15.9% during the first quarter. PNC Financial Services Group Inc. now owns 5,058 shares of the company's stock worth $92,000 after purchasing an additional 694 shares during the period. Jupiter Asset Management Ltd. bought a new position in shares of TEGNA in the first quarter valued at approximately $5,371,000. LSV Asset Management lifted its stake in shares of TEGNA by 0.4% in the first quarter. LSV Asset Management now owns 7,828,750 shares of the company's stock worth $142,640,000 after buying an additional 32,121 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in shares of TEGNA during the 1st quarter worth $553,000. Finally, Natixis Advisors LLC boosted its holdings in shares of TEGNA by 56.2% during the 1st quarter. Natixis Advisors LLC now owns 23,832 shares of the company's stock worth $434,000 after buying an additional 8,576 shares during the period. Institutional investors and hedge funds own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

TGNA has been the topic of several recent analyst reports. Wells Fargo & Company dropped their target price on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Guggenheim dropped their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. cut 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. Finally, Benchmark lowered their target price on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

TEGNA Stock Performance

TEGNA stock traded up $0.02 during mid-day trading on Wednesday, reaching $16.38. The company had a trading volume of 2,121,368 shares, compared to its average volume of 1,322,537. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.83. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of 5.77 and a beta of 0.28. The company has a 50 day moving average of $16.77 and a 200-day moving average of $17.16. TEGNA Inc. has a 52 week low of $13.37 and a 52 week high of $19.62.

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

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, June 6th. TEGNA's dividend payout ratio (DPR) is presently 17.61%.

About TEGNA

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.