Cerity Partners LLC Buys 21,900 Shares of TEGNA Inc. (NYSE:TGNA)

Cerity Partners LLC raised its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 82.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 48,504 shares of the company’s stock after purchasing an additional 21,900 shares during the period. Cerity Partners LLC’s holdings in TEGNA were worth $765,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of TGNA. Harbor Capital Advisors Inc. purchased a new position in shares of TEGNA in the third quarter worth $28,000. US Bancorp DE increased its position in shares of TEGNA by 20.4% in the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after acquiring an additional 764 shares during the period. Headlands Technologies LLC lifted its holdings in shares of TEGNA by 48.2% during the second quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock worth $63,000 after purchasing an additional 1,470 shares during the period. CWM LLC increased its stake in shares of TEGNA by 146.3% in the second quarter. CWM LLC now owns 4,614 shares of the company’s stock worth $64,000 after acquiring an additional 2,741 shares during the period. Finally, Blue Trust Inc. raised its holdings in shares of TEGNA by 247.8% during the second quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock worth $70,000 after purchasing an additional 3,350 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Price Performance

TEGNA stock opened at $18.71 on Friday. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a fifty day simple moving average of $17.14 and a 200-day simple moving average of $15.31. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 6.61 and a beta of 0.52.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. The business had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period last year, the company earned $0.39 EPS. On average, equities analysts anticipate that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 2.67%. The ex-dividend date is Friday, December 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.67%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, November 23rd. JPMorgan Chase & Co. lifted their price objective on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. Finally, Benchmark lifted their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

Insider Activity at TEGNA

In related news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the completion of the transaction, the chief operating officer now directly owns 154,617 shares of the company’s stock, valued at $2,535,718.80. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.88% of the stock is owned by 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.