Janney Montgomery Scott LLC Has $3.28 Million Stock Position in TEGNA Inc. (NYSE:TGNA)

Janney Montgomery Scott LLC increased its position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 1,454.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 179,765 shares of the company's stock after buying an additional 168,201 shares during the quarter. Janney Montgomery Scott LLC owned 0.11% of TEGNA worth $3,275,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its stake in TEGNA by 80.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock worth $31,000 after purchasing an additional 749 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of TEGNA by 95.6% in 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 in the last quarter. Pictet Asset Management Holding SA lifted its position in shares of TEGNA by 4.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company's stock worth $424,000 after buying an additional 910 shares during the period. GAMMA Investing LLC lifted its position in shares of TEGNA by 53.3% during the 1st quarter. GAMMA Investing LLC now owns 3,128 shares of the company's stock worth $57,000 after buying an additional 1,088 shares during the period. Finally, PNC Financial Services Group Inc. boosted 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 in the last quarter. 92.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Guggenheim upped their target price on shares of TEGNA from $20.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. Benchmark lowered their price target on TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Wall Street Zen downgraded TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company cut their price target on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.25.

TEGNA Stock Performance

TGNA traded down $0.03 during trading hours on Wednesday, reaching $16.84. The company's stock had a trading volume of 999,238 shares, compared to its average volume of 1,872,534. TEGNA Inc. has a 52 week low of $13.37 and a 52 week high of $19.62. The company's 50-day moving average is $16.60 and its 200-day moving average is $17.47. 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 firm has a market cap of $2.71 billion, a PE ratio of 5.93 and a beta of 0.30.

TEGNA (NYSE:TGNA - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping 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 company had revenue of $680.05 million during the quarter, compared to analysts' expectations of $677.24 million. During the same quarter last year, the company posted $0.45 EPS. TEGNA's quarterly revenue was down 4.8% compared to the same quarter last year. On average, equities analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Friday, June 6th. TEGNA's payout ratio is 17.61%.

TEGNA Company 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.