Janney Montgomery Scott LLC Has $212,000 Position in TEGNA Inc. (NYSE:TGNA)

Janney Montgomery Scott LLC reduced its stake in shares of TEGNA Inc. (NYSE:TGNA) by 37.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,564 shares of the company’s stock after selling 6,985 shares during the quarter. Janney Montgomery Scott LLC’s holdings in TEGNA were worth $212,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of TGNA. Pacer Advisors Inc. increased its stake in shares of TEGNA by 2,898.4% in the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock valued at $170,521,000 after buying an additional 10,445,739 shares in the last quarter. Empowered Funds LLC increased its stake in shares of TEGNA by 757.4% in the third quarter. Empowered Funds LLC now owns 662,417 shares of the company’s stock valued at $10,453,000 after buying an additional 585,156 shares in the last quarter. Public Sector Pension Investment Board acquired a new stake in shares of TEGNA in the third quarter valued at $5,539,000. State Street Corp increased its stake in shares of TEGNA by 3.5% in the third quarter. State Street Corp now owns 8,194,619 shares of the company’s stock valued at $129,991,000 after buying an additional 276,699 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of TEGNA by 5.1% in the third quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock valued at $77,422,000 after buying an additional 238,696 shares in the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Price Performance

Shares of TGNA stock opened at $18.13 on Thursday. The stock has a 50-day moving average price of $18.31 and a 200 day moving average price of $16.68. 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 firm has a market cap of $2.92 billion, a price-to-earnings ratio of 6.41 and a beta of 0.52. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62.

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be given a $0.125 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 2.76%. TEGNA’s payout ratio is 17.67%.

Analysts Set New Price Targets

TGNA has been the subject of a number of research reports. Guggenheim restated a “buy” rating and issued a $22.00 target price on shares of TEGNA in a research note on Friday, January 24th. Benchmark raised their target price on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. lifted their price objective on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, TEGNA presently has an average rating of “Moderate Buy” and an average target price of $21.75.

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.