Moran Wealth Management LLC Acquires New Shares in TEGNA Inc. (NYSE:TGNA)

Moran Wealth Management LLC purchased a new stake in TEGNA Inc. (NYSE:TGNA - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 132,177 shares of the company's stock, valued at approximately $2,408,000. Moran Wealth Management LLC owned approximately 0.08% of TEGNA at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp acquired a new stake in TEGNA in the 4th quarter valued at $27,000. Neo Ivy Capital Management acquired a new stake in TEGNA in the 4th quarter valued at $28,000. Tower Research Capital LLC TRC boosted its stake in TEGNA by 80.2% in 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 in the last quarter. Smartleaf Asset Management LLC boosted its stake in TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock worth $31,000 after purchasing an additional 832 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in TEGNA in the fourth quarter worth $32,000. Institutional investors and hedge funds own 92.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. JPMorgan Chase & Co. reduced their price objective on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Benchmark reduced their price objective on 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 lowered TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Guggenheim upped their price target on TEGNA from $20.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company cut their price target on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.25.

TEGNA Trading Down 2.1%

Shares of TGNA traded down $0.36 during trading hours on Friday, hitting $16.75. 2,681,174 shares of the stock traded hands, compared to its average volume of 1,868,538. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.83. TEGNA Inc. has a 1-year low of $13.37 and a 1-year high of $19.62. The firm has a market capitalization of $2.69 billion, a PE ratio of 5.90 and a beta of 0.30. The business has a fifty day moving average of $16.66 and a 200-day moving average of $17.44.

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

TEGNA Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.50 dividend on an annualized basis and a yield of 2.98%. TEGNA's dividend payout ratio is presently 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.