Pinebridge Investments L.P. Acquires 33,512 Shares of TEGNA Inc. (NYSE:TGNA)

Pinebridge Investments L.P. increased its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 42.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 112,024 shares of the company's stock after purchasing an additional 33,512 shares during the period. Pinebridge Investments L.P. owned 0.07% of TEGNA worth $2,049,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the business. Sculati Wealth Management LLC increased its holdings in shares of TEGNA by 11.6% during the 3rd quarter. Sculati Wealth Management LLC now owns 51,435 shares of the company's stock worth $768,000 after acquiring an additional 5,330 shares during the last quarter. Sanctuary Advisors LLC boosted its position in TEGNA by 7.4% during the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company's stock worth $284,000 after purchasing an additional 1,239 shares during the period. World Investment Advisors LLC acquired a new position in shares of TEGNA in the third quarter valued at $528,000. Principal Financial Group Inc. raised its position in shares of TEGNA by 26.2% in the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company's stock valued at $14,068,000 after purchasing an additional 184,845 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of TEGNA by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company's stock worth $37,000 after buying an additional 757 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

TEGNA Price Performance

NYSE:TGNA traded up $0.43 during trading hours on Friday, hitting $16.49. The company's stock had a trading volume of 1,458,014 shares, compared to its average volume of 2,017,090. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The company has a market capitalization of $2.65 billion, a P/E ratio of 5.83 and a beta of 0.31. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The stock has a fifty day simple moving average of $17.12 and a 200-day simple moving average of $17.71.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Friday, March 7th. TEGNA's dividend payout ratio is 14.12%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TGNA shares. Guggenheim lowered their price target on shares of TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a report on Friday, April 11th. StockNews.com cut TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Finally, 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company 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.