Bank of New York Mellon Corp Reduces Stock Position in TEGNA Inc. (NYSE:TGNA)

Bank of New York Mellon Corp reduced its position in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 6.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,102,640 shares of the company's stock after selling 140,891 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.31% of TEGNA worth $38,310,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TGNA. Jones Financial Companies Lllp bought a new stake in TEGNA during the 4th quarter valued at $27,000. Charles Schwab Investment Management Inc. raised its holdings in TEGNA by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company's stock worth $34,260,000 after purchasing an additional 93,894 shares in the last quarter. Raymond James Financial Inc. bought a new position in TEGNA in the 4th quarter worth $2,375,000. PNC Financial Services Group Inc. raised its holdings in TEGNA by 34.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company's stock worth $80,000 after purchasing an additional 1,111 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in TEGNA by 17.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,048 shares of the company's stock worth $824,000 after purchasing an additional 6,565 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

TEGNA Stock Down 1.4%

Shares of TEGNA stock traded down $0.24 during trading on Friday, hitting $16.79. The company's stock had a trading volume of 355,736 shares, compared to its average volume of 1,819,166. 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 company has a fifty day simple moving average of $16.88 and a two-hundred day simple moving average of $17.32. The company has a market capitalization of $2.70 billion, a PE ratio of 5.90 and a beta of 0.30. TEGNA Inc. has a 52 week low of $13.37 and a 52 week high of $19.62.

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, topping the consensus estimate of $0.34 by $0.03. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. The company had revenue of $680.05 million during the quarter, compared to analyst estimates of $677.24 million. During the same period last year, the business earned $0.45 EPS. TEGNA's quarterly revenue was down 4.8% compared to the same quarter last year. Equities research analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The company 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 yield of 2.98%. The ex-dividend date of this dividend was Friday, June 6th. TEGNA's dividend payout ratio (DPR) is 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.