Principal Financial Group Inc. Purchases 20,129 Shares of TEGNA Inc. (NYSE:TGNA)

Principal Financial Group Inc. raised its position in shares of TEGNA Inc. (NYSE:TGNA) by 2.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 911,617 shares of the company’s stock after buying an additional 20,129 shares during the period. Principal Financial Group Inc. owned about 0.57% of TEGNA worth $16,673,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. increased its holdings in TEGNA by 2,898.4% during the 3rd quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock valued at $170,521,000 after purchasing an additional 10,445,739 shares in the last quarter. 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. 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. Charles Schwab Investment Management Inc. raised its holdings in shares of TEGNA by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock valued at $28,077,000 after buying an additional 53,583 shares during the last quarter. Finally, Capital Management Corp VA lifted its position in TEGNA by 30.3% during the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after buying an additional 168,667 shares in the last quarter. Institutional investors own 92.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TGNA. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $21.00 to $23.00 in a research report on Thursday, December 19th. StockNews.com raised TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. 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. Guggenheim reaffirmed a “buy” rating and set a $22.00 price target on shares of TEGNA in a research note on Friday, January 24th. Finally, Benchmark lifted their price objective on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, TEGNA has an average rating of “Moderate Buy” and a consensus price target of $21.75.

TEGNA Stock Down 3.1 %

NYSE:TGNA opened at $16.92 on Wednesday. The company has a quick ratio of 2.60, a current 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 stock’s fifty day simple moving average is $18.18 and its 200-day simple moving average is $16.88. The firm has a market capitalization of $2.73 billion, a P/E ratio of 5.98 and a beta of 0.52.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.50 annualized dividend and a dividend yield of 2.96%. TEGNA’s payout ratio is currently 17.67%.

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.