Securian Asset Management Inc. trimmed its holdings in shares of TEGNA Inc. (NYSE:TGNA – Free Report) by 14.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,068 shares of the company’s stock after selling 2,978 shares during the quarter. Securian Asset Management Inc.’s holdings in TEGNA were worth $249,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Belpointe Asset Management LLC increased its position in TEGNA by 189.5% in the first quarter. Belpointe Asset Management LLC now owns 1,459 shares of the company’s stock worth $25,000 after buying an additional 955 shares during the last quarter. Mascoma Wealth Management LLC purchased a new stake in TEGNA in the third quarter worth $33,000. Headlands Technologies LLC purchased a new stake in TEGNA in the second quarter worth $40,000. Fifth Third Bancorp increased its position in TEGNA by 103.3% in the second quarter. Fifth Third Bancorp now owns 2,690 shares of the company’s stock worth $44,000 after buying an additional 1,367 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in TEGNA by 24.1% in the second quarter. Massmutual Trust Co. FSB ADV now owns 3,308 shares of the company’s stock worth $54,000 after buying an additional 642 shares during the last quarter. 89.99% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at TEGNA
In related news, CEO David T. Lougee sold 100,000 shares of TEGNA stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $15.38, for a total transaction of $1,538,000.00. Following the completion of the sale, the chief executive officer now owns 786,262 shares of the company’s stock, valued at $12,092,709.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is owned by corporate insiders.
TEGNA Price Performance
NYSE:TGNA opened at $15.51 on Friday. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 5.48 and a beta of 0.55. TEGNA Inc. has a 52-week low of $13.65 and a 52-week high of $22.29. The stock has a fifty day moving average of $15.46 and a 200 day moving average of $15.58. The company has a debt-to-equity ratio of 1.04, a quick ratio of 3.47 and a current ratio of 3.47.
TEGNA (NYSE:TGNA – Get Free Report) last posted its quarterly earnings data on Tuesday, November 7th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. The company had revenue of $713.24 million during the quarter, compared to analyst estimates of $715.00 million. TEGNA had a return on equity of 16.65% and a net margin of 19.96%. On average, research analysts expect that TEGNA Inc. will post 1.79 EPS for the current fiscal year.
TEGNA Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 8th were paid a dividend of $0.114 per share. This is a positive change from TEGNA’s previous quarterly dividend of $0.11. The ex-dividend date was Thursday, December 7th. This represents a $0.46 annualized dividend and a yield of 2.94%. TEGNA’s dividend payout ratio (DPR) is currently 16.25%.
Analysts Set New Price Targets
TGNA has been the subject of a number of recent research reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $17.00 target price on shares of TEGNA in a research report on Wednesday, December 6th. Wells Fargo & Company cut their price target on TEGNA from $19.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $22.00 price target on shares of TEGNA in a report on Monday, October 30th. Finally, StockNews.com started coverage on TEGNA in a report on Thursday, October 5th. They issued a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, TEGNA currently has an average rating of “Hold” and an average price target of $19.50.
View Our Latest Analysis on TEGNA
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.
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