Citigroup Inc. Lowers Stock Position in TEGNA Inc. (NYSE:TGNA)

Citigroup Inc. lessened its holdings in TEGNA Inc. (NYSE:TGNA) by 42.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 244,290 shares of the company’s stock after selling 181,323 shares during the period. Citigroup Inc. owned about 0.15% of TEGNA worth $3,855,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of TGNA. Price T Rowe Associates Inc. MD lifted its position in shares of TEGNA by 4.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 147,121 shares of the company’s stock worth $2,198,000 after purchasing an additional 6,749 shares during the period. CWM LLC raised its stake in shares of TEGNA by 146.3% during the 2nd quarter. CWM LLC now owns 4,614 shares of the company’s stock worth $64,000 after acquiring an additional 2,741 shares in the last quarter. Linden Thomas Advisory Services LLC raised its stake in shares of TEGNA by 8.0% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 47,821 shares of the company’s stock worth $667,000 after acquiring an additional 3,551 shares in the last quarter. Manchester Financial Inc. raised its stake in shares of TEGNA by 0.9% during the 2nd quarter. Manchester Financial Inc. now owns 118,202 shares of the company’s stock worth $1,648,000 after acquiring an additional 1,047 shares in the last quarter. Finally, Welch Group LLC bought a new position in shares of TEGNA during the 2nd quarter worth approximately $209,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Insider Transactions at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $16.40, for a total transaction of $410,000.00. Following the sale, the chief operating officer now directly owns 154,617 shares of the company’s stock, valued at approximately $2,535,718.80. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

TGNA has been the subject of several recent analyst reports. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Saturday, November 23rd. Benchmark boosted their price objective on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th.

TEGNA Trading Down 1.2 %

Shares of TEGNA stock opened at $18.55 on Wednesday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 6.55 and a beta of 0.52. The firm’s 50 day simple moving average is $17.00 and its two-hundred day simple moving average is $15.26.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. During the same quarter in the prior year, the business posted $0.39 EPS. TEGNA’s revenue for the quarter was up 13.1% compared to the same quarter last year. Analysts predict 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 Thursday, January 2nd. Stockholders of record on Friday, December 6th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.70%. TEGNA’s payout ratio is currently 17.67%.

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.