JPMorgan Chase & Co. Sells 163,743 Shares of TEGNA Inc. (NYSE:TGNA)

JPMorgan Chase & Co. decreased its stake in shares of TEGNA Inc. (NYSE:TGNA) by 36.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 284,578 shares of the company’s stock after selling 163,743 shares during the period. JPMorgan Chase & Co. owned approximately 0.18% of TEGNA worth $4,491,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TGNA. Harbor Capital Advisors Inc. bought a new position in shares of TEGNA during the third quarter valued at $28,000. Quarry LP lifted its holdings in TEGNA by 455.2% in the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after acquiring an additional 3,300 shares during the period. US Bancorp DE grew its position in TEGNA by 20.4% during the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after buying an additional 764 shares during the period. Quantbot Technologies LP purchased a new position in TEGNA during the third quarter valued at $133,000. Finally, Covestor Ltd raised its stake in TEGNA by 20.8% during the 3rd quarter. Covestor Ltd now owns 8,852 shares of the company’s stock worth $140,000 after acquiring an additional 1,525 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on TGNA. JPMorgan Chase & Co. lifted their target price on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. StockNews.com raised shares of TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $21.00 to $23.00 in a report on Thursday, December 19th. Finally, Benchmark boosted their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th.

TEGNA Trading Down 0.8 %

TEGNA stock opened at $17.93 on Friday. The stock’s 50 day simple moving average is $18.42 and its two-hundred day simple moving average is $16.27. 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 cap of $2.89 billion, a PE ratio of 6.33 and a beta of 0.52.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The company had revenue of $806.83 million for the quarter, compared to analysts’ expectations of $795.72 million. During the same period in the previous year, the firm posted $0.39 EPS. TEGNA’s revenue was up 13.1% compared to the same quarter last year. Analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Friday, December 6th were issued a $0.125 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.50 annualized dividend and a dividend yield of 2.79%. TEGNA’s dividend payout ratio is presently 17.67%.

Insiders Place Their Bets

In other news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now directly owns 154,617 shares in the company, valued at approximately $2,535,718.80. This represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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.