Bank of America Corp DE lessened its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 14.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 344,053 shares of the company's stock after selling 58,776 shares during the quarter. Bank of America Corp DE owned about 0.21% of TEGNA worth $6,293,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp acquired a new position in shares of TEGNA in the 4th quarter valued at $27,000. Tower Research Capital LLC TRC increased 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 buying an additional 749 shares during the period. Smartleaf Asset Management LLC increased its stake in TEGNA by 95.6% in the 4th 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 during the period. Aster Capital Management DIFC Ltd acquired a new position in TEGNA in the 4th quarter valued at $32,000. Finally, PNC Financial Services Group Inc. increased its stake in TEGNA by 34.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company's stock valued at $80,000 after buying an additional 1,111 shares during the period. Hedge funds and other institutional investors own 92.19% of the company's stock.
TEGNA Stock Performance
TGNA stock traded down $0.28 during mid-day trading on Friday, reaching $16.62. The company had a trading volume of 249,580 shares, compared to its average volume of 1,953,042. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $2.67 billion, a P/E ratio of 5.87 and a beta of 0.31. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The stock's 50-day simple moving average is $16.79 and its two-hundred day simple moving average is $17.72.
TEGNA (NYSE:TGNA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.34 by $0.03. The firm had revenue of $680.05 million for the quarter, compared to analysts' expectations of $677.24 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. TEGNA's revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 earnings per share. Research analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current year.
TEGNA Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th will be paid a dividend of $0.125 per share. The ex-dividend date is Friday, June 6th. This represents a $0.50 annualized dividend and a yield of 3.01%. TEGNA's dividend payout ratio (DPR) is presently 17.61%.
Analyst Ratings Changes
TGNA has been the topic of a number of recent analyst reports. 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 research note on Tuesday, May 6th. Wall Street Zen cut shares of TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Wells Fargo & Company lowered their price objective on shares of 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. reduced their target price 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, Guggenheim upped their target price on shares of TEGNA from $20.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $20.25.
View Our Latest Stock Analysis on TEGNA
About TEGNA
(
Free Report)
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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