Rhumbline Advisers Sells 20,987 Shares of TEGNA Inc. $TGNA

Key Points

• Rhumbline Advisers has reduced its stake in TEGNA Inc. by 3.7%, selling 20,987 shares during the 1st quarter, leaving it with approximately 0.34% ownership of the company.
• During Q1, several institutional investors made significant changes to their positions in TEGNA, notably Millennium Management LLC increasing its stake by 51.5%.
• TEGNA recently announced a quarterly dividend of $0.125, which will be distributed to stockholders on October 1st, representing an annualized yield of 2.4%.

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

A number of other large investors have also added to or reduced their stakes in TGNA. Tower Research Capital LLC TRC raised its position in TEGNA by 80.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company's stock valued at $31,000 after purchasing an additional 749 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in TEGNA by 27.4% during the 4th quarter. BNP Paribas Financial Markets now owns 49,738 shares of the company's stock valued at $910,000 after purchasing an additional 10,700 shares during the period. EP Wealth Advisors LLC increased its holdings in TEGNA by 27.3% during the 4th quarter. EP Wealth Advisors LLC now owns 16,178 shares of the company's stock valued at $296,000 after purchasing an additional 3,471 shares during the period. Deutsche Bank AG grew its holdings in shares of TEGNA by 47.2% during the 4th quarter. Deutsche Bank AG now owns 156,534 shares of the company's stock worth $2,863,000 after acquiring an additional 50,206 shares during the period. Finally, Gotham Asset Management LLC grew its holdings in shares of TEGNA by 352.3% during the 4th quarter. Gotham Asset Management LLC now owns 57,739 shares of the company's stock worth $1,056,000 after acquiring an additional 44,974 shares during the period. Hedge funds and other institutional investors own 92.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TGNA. JPMorgan Chase & Co. reduced their target price on TEGNA from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Wells Fargo & Company reissued an "overweight" rating and issued a $22.00 price target (up from $21.00) on shares of TEGNA in a research report on Sunday, August 10th. Finally, Guggenheim reissued a "neutral" rating and issued a $19.00 price target on shares of TEGNA in a research report on Friday, August 22nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, TEGNA presently has an average rating of "Moderate Buy" and an average target price of $19.75.

TEGNA Stock Down 0.0%

Shares of TGNA traded down $0.01 during mid-day trading on Tuesday, reaching $21.05. The company had a trading volume of 1,268,628 shares, compared to its average volume of 2,032,193. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 7.57 and a beta of 0.28. TEGNA Inc. has a 52 week low of $14.47 and a 52 week high of $21.35. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a 50-day moving average price of $18.91 and a 200 day moving average price of $17.64.

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

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be given a $0.125 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.50 annualized dividend and a yield of 2.4%. TEGNA's dividend payout ratio is 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.