Public Sector Pension Investment Board Has $10.88 Million Holdings in TEGNA Inc. $TGNA

Key Points

• The Public Sector Pension Investment Board increased its holdings in TEGNA Inc. by 48.7% during the first quarter, owning approximately 0.37% of the company’s stock valued at $10.87 million.
• TEGNA's shares opened at $20.86 and recently reported quarterly earnings of $0.44 EPS, surpassing analysts' estimates and showing a year-over-year revenue decline of 5.0%.
• The company announced a quarterly dividend of $0.125 per share, reflecting an annual yield of 2.4% and a payout ratio of 17.99%.

Public Sector Pension Investment Board grew its position in TEGNA Inc. (NYSE:TGNA - Free Report) by 48.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 596,868 shares of the company's stock after purchasing an additional 195,396 shares during the period. Public Sector Pension Investment Board owned approximately 0.37% of TEGNA worth $10,875,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in TEGNA by 2.5% in the first quarter. Principal Financial Group Inc. now owns 934,711 shares of the company's stock worth $17,030,000 after acquiring an additional 23,094 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in TEGNA in the 1st quarter worth about $5,371,000. Allspring Global Investments Holdings LLC increased its stake 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 in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in TEGNA during the 1st quarter worth about $405,000. Finally, Crossmark Global Holdings Inc. lifted its stake in TEGNA by 7.8% during the first quarter. Crossmark Global Holdings Inc. now owns 563,207 shares of the company's stock valued at $10,262,000 after buying an additional 40,987 shares in the last quarter. 92.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on TGNA. Benchmark dropped their target price 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. Guggenheim lowered their price objective on shares of TEGNA from $22.00 to $21.00 and set a "buy" rating on the stock in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. reduced their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $22.00 target price (up previously from $21.00) on shares of TEGNA in a research report on Sunday, August 10th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.25.

TEGNA Stock Down 1.4%

Shares of TGNA stock traded down $0.29 during trading on Monday, hitting $20.24. 1,087,515 shares of the company were exchanged, compared to its average volume of 1,689,399. The business's 50-day simple moving average is $17.12 and its 200 day simple moving average is $17.19. The firm has a market capitalization of $3.26 billion, a price-to-earnings ratio of 7.28 and a beta of 0.28. TEGNA Inc. has a twelve month low of $13.44 and a twelve month high of $21.06. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.47 and a current ratio of 1.47.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.38 by $0.06. TEGNA had a return on equity of 16.20% and a net margin of 14.99%. The business had revenue of $675.05 million during the quarter, compared to analysts' expectations of $673.92 million. During the same quarter in the previous year, the business posted $0.50 EPS. The firm's quarterly revenue was down 5.0% compared to the same quarter last year. As a group, analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 6th were given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, June 6th. TEGNA's payout ratio is currently 17.99%.

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.