Rhumbline Advisers Decreases Stock Position in TEGNA Inc. (NYSE:TGNA)

Rhumbline Advisers decreased its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 3.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 539,607 shares of the company's stock after selling 20,987 shares during the quarter. Rhumbline Advisers owned about 0.34% of TEGNA worth $9,832,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Kingsview Wealth Management LLC acquired a new stake in shares of TEGNA in the fourth quarter worth $3,381,000. Principal Financial Group Inc. boosted its holdings in TEGNA by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 911,617 shares of the company's stock valued at $16,673,000 after purchasing an additional 20,129 shares during the last quarter. Sanctuary Advisors LLC grew its position in TEGNA by 16.5% during the 4th quarter. Sanctuary Advisors LLC now owns 20,965 shares of the company's stock worth $385,000 after purchasing an additional 2,971 shares during the period. Atria Wealth Solutions Inc. purchased a new position in shares of TEGNA during the 4th quarter valued at about $232,000. Finally, Kestra Investment Management LLC raised its stake in shares of TEGNA by 37.0% during the 4th quarter. Kestra Investment Management LLC now owns 61,795 shares of the company's stock valued at $1,130,000 after buying an additional 16,679 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wall Street Zen lowered TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Guggenheim lifted their price objective on TEGNA from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. 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 research report on Wednesday, May 21st. Wells Fargo & Company decreased their price objective on TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Benchmark lowered their target price on shares of TEGNA from $21.00 to $20.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $20.25.

TEGNA Price Performance

Shares of TEGNA stock traded down $0.25 on Friday, hitting $16.44. 1,104,818 shares of the company were exchanged, compared to its average volume of 1,938,492. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a 50-day moving average price of $16.54 and a 200 day moving average price of $17.58. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 5.81 and a beta of 0.30. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.34 by $0.03. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. 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 company posted $0.45 EPS. The company's quarterly revenue was down 4.8% on a year-over-year basis. As a group, sell-side analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Friday, June 6th. TEGNA's payout ratio is 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.