Raymond James Financial Inc. Takes Position in TEGNA Inc. (NYSE:TGNA)

Raymond James Financial Inc. acquired a new position in shares of TEGNA Inc. (NYSE:TGNA) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 129,846 shares of the company’s stock, valued at approximately $2,375,000. Raymond James Financial Inc. owned about 0.08% of TEGNA at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. increased its position in shares of TEGNA by 26.2% in the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock valued at $14,068,000 after acquiring an additional 184,845 shares during the period. EMC Capital Management raised its position in shares of TEGNA by 648.8% during the 4th quarter. EMC Capital Management now owns 20,346 shares of the company’s stock worth $372,000 after purchasing an additional 17,629 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of TEGNA by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company’s stock worth $34,260,000 after acquiring an additional 93,894 shares during the last quarter. Guidance Capital Inc. purchased a new stake in TEGNA during the 4th quarter valued at about $476,000. Finally, World Investment Advisors LLC purchased a new position in TEGNA during the third quarter worth approximately $528,000. 92.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TGNA has been the subject of a number of analyst reports. Guggenheim reissued a “buy” rating and issued a $22.00 price objective on shares of TEGNA in a report on Friday, January 24th. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Stock Performance

Shares of TGNA opened at $18.10 on Friday. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 6.39 and a beta of 0.45. 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 52-week low of $12.35 and a 52-week high of $19.62. The stock has a 50 day moving average price of $18.03 and a 200 day moving average price of $17.52.

TEGNA Dividend Announcement

The company 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. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date is Friday, March 7th. TEGNA’s dividend payout ratio (DPR) is currently 14.12%.

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.