Principal Financial Group Inc. Acquires 23,094 Shares of TEGNA Inc. (NYSE:TGNA)

Principal Financial Group Inc. raised its stake in TEGNA Inc. (NYSE:TGNA - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 934,711 shares of the company's stock after buying an additional 23,094 shares during the quarter. Principal Financial Group Inc. owned 0.58% of TEGNA worth $17,030,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TGNA. Kendall Capital Management grew its stake in TEGNA by 1.9% in the 1st quarter. Kendall Capital Management now owns 67,542 shares of the company's stock valued at $1,231,000 after buying an additional 1,230 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in TEGNA by 53.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 18,376 shares of the company's stock worth $341,000 after purchasing an additional 6,433 shares during the last quarter. Highland Capital Management LLC acquired a new stake in TEGNA in the 1st quarter worth $309,000. Moran Wealth Management LLC acquired a new stake in TEGNA in the 1st quarter worth $2,408,000. Finally, Innealta Capital LLC acquired a new stake in TEGNA in the 1st quarter worth $197,000. Institutional investors and hedge funds own 92.19% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Benchmark decreased their price target on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Wells Fargo & Company dropped their price target on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st. Guggenheim decreased their price objective on TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, TEGNA has an average rating of "Moderate Buy" and an average price target of $20.00.

TEGNA Price Performance

NYSE TGNA traded down $0.33 during trading on Friday, reaching $17.11. 984,022 shares of the company traded hands, compared to its average volume of 1,835,031. 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 stock's 50 day moving average price is $16.86 and its two-hundred day moving average price is $17.36. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 6.02 and a beta of 0.30. TEGNA Inc. has a 1-year low of $13.37 and a 1-year high of $19.62.

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

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Friday, June 6th. TEGNA's payout ratio is presently 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.