Exchange Traded Concepts LLC Purchases New Position in TEGNA Inc. (NYSE:TGNA)

Exchange Traded Concepts LLC purchased a new stake in TEGNA Inc. (NYSE:TGNA - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 59,043 shares of the company's stock, valued at approximately $1,076,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of TGNA. Jones Financial Companies Lllp acquired a new stake in TEGNA during the 4th quarter worth about $27,000. Neo Ivy Capital Management acquired a new stake in TEGNA during the 4th quarter worth about $28,000. Smartleaf Asset Management LLC raised its holdings in TEGNA by 95.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock worth $31,000 after buying an additional 832 shares during the period. Tower Research Capital LLC TRC raised its holdings in TEGNA by 80.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock worth $31,000 after buying an additional 749 shares during the period. Finally, Aster Capital Management DIFC Ltd acquired a new stake in TEGNA during the 4th quarter worth about $32,000. 92.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wells Fargo & Company cut their price objective on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Benchmark cut their price objective on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Wall Street Zen downgraded TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Guggenheim boosted their price objective on TEGNA from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. dropped their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.25.

TEGNA Stock Up 1.2%

Shares of TGNA traded up $0.21 during trading hours on Friday, reaching $16.67. The company's stock had a trading volume of 2,766,366 shares, compared to its average volume of 1,888,397. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 5.87 and a beta of 0.30. TEGNA Inc. has a 1-year low of $13.37 and a 1-year high of $19.62. 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 company has a 50 day moving average of $16.57 and a two-hundred day moving average of $17.50.

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

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 6th will be paid a $0.125 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.50 annualized dividend and a dividend yield of 3.00%. TEGNA's payout ratio is 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.