JPMorgan Chase & Co. Purchases 65,720 Shares of TEGNA Inc. $TGNA

Key Points

• JPMorgan Chase raised its stake in TEGNA by 11.7% in Q3, buying 65,720 shares to hold 625,632 shares (about 0.39% of the company) valued at roughly $12.72 million.
• Institutional ownership is very high at 92.19%, with other major investors (Amundi, UBS, Jane Street) also increasing positions, signaling strong institutional interest.
• TEGNA beat quarterly EPS estimates with $0.50 per share while revenue fell 18.9% year-over-year to $706.11 million, and the company announced a $0.125 quarterly dividend (annualized $0.50, ~2.4% yield; ex-dividend March 10, pay April 1).

JPMorgan Chase & Co. increased its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 11.7% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 625,632 shares of the company's stock after purchasing an additional 65,720 shares during the period. JPMorgan Chase & Co. owned 0.39% of TEGNA worth $12,719,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Amundi boosted its stake in shares of TEGNA by 1,507.5% during the 1st quarter. Amundi now owns 4,067 shares of the company's stock worth $74,000 after acquiring an additional 3,814 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in TEGNA by 1.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,968 shares of the company's stock valued at $1,749,000 after purchasing an additional 1,726 shares during the last quarter. United Services Automobile Association bought a new position in TEGNA during the first quarter worth $183,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in TEGNA by 4.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,881 shares of the company's stock worth $9,837,000 after purchasing an additional 21,303 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of TEGNA by 193.0% in the first quarter. Jane Street Group LLC now owns 573,255 shares of the company's stock valued at $10,445,000 after purchasing an additional 377,578 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

TGNA has been the subject of a number of research reports. Zacks Research upgraded shares of TEGNA from a "strong sell" rating to a "hold" rating in a research note on Monday, January 12th. Weiss Ratings reissued a "hold (c)" rating on shares of TEGNA in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, TEGNA currently has an average rating of "Hold" and an average price target of $19.75.

TEGNA Trading Up 0.4%

TGNA stock opened at $21.03 on Friday. TEGNA Inc. has a 52 week low of $14.87 and a 52 week high of $21.35. The company has a market capitalization of $3.40 billion, a PE ratio of 15.58 and a beta of 0.12. The company's 50-day simple moving average is $19.76 and its 200 day simple moving average is $20.03. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.22 and a current ratio of 2.28.

TEGNA (NYSE:TGNA - Get Free Report) last posted its quarterly earnings data on Monday, March 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.05. TEGNA had a net margin of 8.11% and a return on equity of 8.60%. The firm had revenue of $706.11 million during the quarter, compared to the consensus estimate of $701.29 million. During the same quarter in the previous year, the firm posted $1.21 EPS. The business's revenue for the quarter was down 18.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be issued a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 annualized dividend and a yield of 2.4%. TEGNA's payout ratio is currently 37.04%.

TEGNA Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company's primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.

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