Vanguard Group Inc. Buys 744,721 Shares of TEGNA Inc. (NYSE:TGNA)

Vanguard Group Inc. raised its stake in TEGNA Inc. (NYSE:TGNA) by 3.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,326,932 shares of the company’s stock after buying an additional 744,721 shares during the period. Vanguard Group Inc. owned about 14.38% of TEGNA worth $387,502,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of TEGNA by 142.1% in the 4th quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock worth $26,000 after buying an additional 983 shares during the last quarter. Covestor Ltd increased its holdings in shares of TEGNA by 94.3% in the third quarter. Covestor Ltd now owns 2,741 shares of the company’s stock worth $40,000 after buying an additional 1,330 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of TEGNA by 32.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 4,810 shares of the company’s stock valued at $74,000 after acquiring an additional 1,180 shares during the last quarter. Signaturefd LLC lifted its stake in shares of TEGNA by 437.5% in the 4th quarter. Signaturefd LLC now owns 9,686 shares of the company’s stock valued at $148,000 after acquiring an additional 7,884 shares during the last quarter. Finally, Bruce G. Allen Investments LLC purchased a new stake in TEGNA during the 4th quarter valued at about $153,000. Institutional investors own 92.19% of the company’s stock.

Analysts Set New Price Targets

TGNA has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price objective on TEGNA from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, March 1st. Benchmark lowered their price target on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a report on Friday, March 1st.

TEGNA Trading Down 0.7 %

NYSE:TGNA opened at $13.64 on Friday. The company has a fifty day moving average of $14.13 and a 200 day moving average of $14.57. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $17.37. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 1.10. The firm has a market capitalization of $2.31 billion, a P/E ratio of 4.77 and a beta of 0.51.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $714.30 million for the quarter, compared to the consensus estimate of $718.86 million. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The company’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.47 EPS. On average, research analysts predict that TEGNA Inc. will post 3.11 earnings per share for the current year.

TEGNA Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 7th will be given a dividend of $0.125 per share. This is an increase from TEGNA’s previous quarterly dividend of $0.11. This represents a $0.50 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date is Friday, June 7th. TEGNA’s payout ratio is presently 17.48%.

Insider Buying and Selling at TEGNA

In other TEGNA news, CEO David T. Lougee sold 43,750 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $14.70, for a total transaction of $643,125.00. Following the transaction, the chief executive officer now directly owns 725,651 shares of the company’s stock, valued at approximately $10,667,069.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $13.99, for a total value of $349,750.00. Following the sale, the chief operating officer now directly owns 190,474 shares of the company’s stock, valued at approximately $2,664,731.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David T. Lougee sold 43,750 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $14.70, for a total transaction of $643,125.00. Following the completion of the sale, the chief executive officer now directly owns 725,651 shares in the company, valued at $10,667,069.70. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 155,656 shares of company stock valued at $2,339,970. 0.88% of the stock is currently owned by company insiders.

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.