Northern Trust Corp Sells 84,231 Shares of TEGNA Inc. $TGNA

Key Points

• Northern Trust Corp has reduced its shareholding in TEGNA Inc. by 2.9%, selling 84,231 shares and now owning approximately 1.73% of the company.
• TEGNA recently reported earnings of $0.44 per share for the quarter, surpassing expectations and indicating a 5% decrease in revenue compared to the same quarter last year.
• The company has declared a quarterly dividend of $0.125, yielding 2.4%, with the dividend payout ratio currently at 17.99%.

Northern Trust Corp cut its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 2.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,781,104 shares of the company's stock after selling 84,231 shares during the quarter. Northern Trust Corp owned about 1.73% of TEGNA worth $50,672,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Algert Global LLC grew its position in TEGNA by 26.4% during the 1st quarter. Algert Global LLC now owns 106,830 shares of the company's stock valued at $1,946,000 after purchasing an additional 22,310 shares during the last quarter. Fox Run Management L.L.C. purchased a new stake in shares of TEGNA during the first quarter valued at approximately $650,000. Neuberger Berman Group LLC grew its holdings in shares of TEGNA by 9.3% during the first quarter. Neuberger Berman Group LLC now owns 23,320 shares of the company's stock valued at $425,000 after buying an additional 1,986 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of TEGNA by 7.2% during the first quarter. Russell Investments Group Ltd. now owns 137,639 shares of the company's stock valued at $2,507,000 after acquiring an additional 9,274 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in TEGNA by 6.8% in the 1st quarter. HighTower Advisors LLC now owns 80,984 shares of the company's stock worth $1,476,000 after acquiring an additional 5,150 shares during the last quarter. Institutional investors own 92.19% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on TGNA. Benchmark cut their target price on TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. JPMorgan Chase & Co. dropped their price objective on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 21st. Guggenheim reissued a "neutral" rating and issued a $19.00 target price on shares of TEGNA in a research report on Friday, August 22nd. Finally, Wells Fargo & Company restated an "overweight" rating and set a $22.00 target price (up previously from $21.00) on shares of TEGNA in a research note on Sunday, August 10th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.75.

TEGNA Stock Performance

Shares of TGNA traded up $0.03 during trading hours on Monday, hitting $21.19. The stock had a trading volume of 1,909,739 shares, compared to its average volume of 5,491,069. The firm has a market capitalization of $3.41 billion, a PE ratio of 7.62 and a beta of 0.28. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. TEGNA Inc. has a 12 month low of $13.44 and a 12 month high of $21.35. The stock has a fifty day moving average price of $18.00 and a 200 day moving average price of $17.39.

TEGNA (NYSE:TGNA - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.38 by $0.06. The company had revenue of $675.05 million for the quarter, compared to the consensus estimate of $673.92 million. TEGNA had a return on equity of 16.20% and a net margin of 14.99%.TEGNA's revenue was down 5.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 earnings per share. TEGNA has set its Q3 2025 guidance at EPS. Analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, September 5th. TEGNA's dividend payout ratio is currently 17.99%.

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.