Lazard Asset Management LLC Increases Stock Position in TEGNA Inc. (NYSE:TGNA)

Lazard Asset Management LLC raised its position in TEGNA Inc. (NYSE:TGNA - Free Report) by 137.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,710 shares of the company's stock after purchasing an additional 73,838 shares during the quarter. Lazard Asset Management LLC owned 0.08% of TEGNA worth $2,335,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in TGNA. Principal Financial Group Inc. increased its holdings in shares of TEGNA by 26.2% during the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company's stock worth $14,068,000 after acquiring an additional 184,845 shares during the last quarter. Sound Income Strategies LLC acquired a new stake in shares of TEGNA during the 4th quarter worth about $57,000. Linden Thomas Advisory Services LLC boosted its holdings in shares of TEGNA by 16.2% during the 4th quarter. Linden Thomas Advisory Services LLC now owns 63,641 shares of the company's stock worth $1,164,000 after buying an additional 8,855 shares during the period. Blue Trust Inc. boosted its holdings in shares of TEGNA by 13.6% during the 4th quarter. Blue Trust Inc. now owns 25,155 shares of the company's stock worth $460,000 after buying an additional 3,014 shares during the period. Finally, KBC Group NV grew its stake in TEGNA by 35.5% in the 4th quarter. KBC Group NV now owns 7,713 shares of the company's stock valued at $141,000 after buying an additional 2,019 shares during the last quarter. Institutional investors own 92.19% of the company's stock.

TEGNA Stock Performance

Shares of NYSE:TGNA traded up $0.08 on Thursday, reaching $16.82. 510,324 shares of the company's stock were exchanged, compared to its average volume of 1,962,722. The company has a fifty day moving average of $17.00 and a 200-day moving average of $17.76. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 5.95 and a beta of 0.31. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) 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 14.49% and a net margin of 16.75%. The firm's revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. On average, research analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 6th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Friday, June 6th. TEGNA's dividend payout ratio (DPR) is currently 17.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TGNA shares. Benchmark cut their price objective on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Wells Fargo & Company lowered their target price on 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. dropped their price target on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Wednesday. Wall Street Zen downgraded TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Guggenheim increased their price objective on TEGNA from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, TEGNA has an average rating of "Moderate Buy" and a consensus price target of $20.25.

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.