Aristides Capital LLC Invests $303,000 in TEGNA Inc. $TGNA

Key Points

• Aristides Capital LLC has acquired a new stake in TEGNA Inc., purchasing 16,630 shares valued at approximately $303,000 in Q1 2023.
• Several institutional investors increased their positions in TEGNA, with Public Sector Pension Investment Board boosting its holdings by 48.7% during the same quarter.
• Wall Street analysts have various ratings for TEGNA, with Guggenheim giving a "neutral" rating and Wells Fargo an "overweight" rating, raising their price target from $21 to $22.00.

Aristides Capital LLC bought a new stake in TEGNA Inc. (NYSE:TGNA - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 16,630 shares of the company's stock, valued at approximately $303,000.

Several other hedge funds have also bought and sold shares of TGNA. Neo Ivy Capital Management acquired a new stake in TEGNA in the 4th quarter valued at about $28,000. Tower Research Capital LLC TRC lifted its stake in TEGNA by 80.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock valued at $31,000 after purchasing an additional 749 shares during the last quarter. GAMMA Investing LLC lifted its stake in TEGNA by 53.3% in the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock valued at $57,000 after purchasing an additional 1,088 shares during the last quarter. Blue Trust Inc. lifted its stake in TEGNA by 26.0% in the 1st quarter. Blue Trust Inc. now owns 4,227 shares of the company's stock valued at $77,000 after purchasing an additional 873 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in TEGNA by 15.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,058 shares of the company's stock valued at $92,000 after purchasing an additional 694 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TGNA shares. Wells Fargo & Company reiterated an "overweight" rating and issued a $22.00 target price (up from $21.00) on shares of TEGNA in a research note on Sunday, August 10th. Guggenheim reissued a "neutral" rating and issued a $19.00 price target on shares of TEGNA in a report on Friday, August 22nd. JPMorgan Chase & Co. lowered their price target on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Finally, Benchmark lowered their price target on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, TEGNA has a consensus rating of "Moderate Buy" and a consensus target price of $19.75.

TEGNA Stock Performance

TEGNA stock traded up $0.03 during trading hours on Friday, hitting $21.19. The company had a trading volume of 1,909,739 shares, compared to its average volume of 5,473,517. The firm has a market cap of $3.41 billion, a PE ratio of 7.62 and a beta of 0.28. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. TEGNA Inc. has a one year low of $13.44 and a one year high of $21.35. The firm has a 50-day moving average of $18.00 and a 200 day moving average of $17.39.

TEGNA (NYSE:TGNA - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.38 by $0.06. TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The company had revenue of $675.05 million for the quarter, compared to analysts' expectations of $673.92 million. During the same period last year, the firm earned $0.50 earnings per share. The business's revenue for the quarter was down 5.0% on a year-over-year basis. TEGNA has set its Q3 2025 guidance at EPS. On average, sell-side analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.50 annualized dividend and a dividend yield of 2.4%. TEGNA's dividend payout ratio (DPR) is currently 17.99%.

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.