First Trust Advisors LP Sells 50,050 Shares of TEGNA Inc. (NYSE:TGNA)

First Trust Advisors LP cut its stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 8.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 563,791 shares of the company's stock after selling 50,050 shares during the quarter. First Trust Advisors LP owned 0.35% of TEGNA worth $10,312,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake 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 during the period. Principal Financial Group Inc. increased its position in TEGNA by 2.3% in the 4th quarter. Principal Financial Group Inc. now owns 911,617 shares of the company's stock worth $16,673,000 after purchasing an additional 20,129 shares during the last quarter. Invesco Ltd. raised its position in TEGNA by 14.6% during the fourth quarter. Invesco Ltd. now owns 866,076 shares of the company's stock valued at $15,841,000 after acquiring an additional 110,646 shares in the last quarter. Capital Management Corp VA lifted its stake in shares of TEGNA by 4.8% in the 4th quarter. Capital Management Corp VA now owns 760,590 shares of the company's stock valued at $13,911,000 after purchasing an additional 34,785 shares during the last quarter. Finally, Muhlenkamp & Co. Inc. raised its stake in shares of TEGNA by 0.3% in the 4th quarter. Muhlenkamp & Co. Inc. now owns 691,332 shares of the company's stock valued at $12,644,000 after acquiring an additional 1,796 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company's stock.

TEGNA Stock Performance

Shares of NYSE:TGNA traded up $0.43 on Friday, reaching $16.49. 1,458,014 shares of the company's stock were exchanged, compared to its average volume of 2,017,090. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The company has a fifty day moving average of $17.12 and a 200-day moving average of $17.71. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 5.83 and a beta of 0.31.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.03%. The ex-dividend date was Friday, March 7th. TEGNA's dividend payout ratio (DPR) is currently 14.12%.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Guggenheim decreased their target price on TEGNA from $22.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Wells Fargo & Company reduced their price target on shares of TEGNA from $23.00 to $21.00 and set an "overweight" rating on the stock in a research report on Thursday. Finally, StockNews.com cut shares of TEGNA from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, TEGNA presently has a consensus rating of "Moderate Buy" and an average target price of $20.75.

TEGNA 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.