Truist Financial Corp Sells 3,500 Shares of TEGNA Inc. (NYSE:TGNA)

Truist Financial Corp reduced its stake in shares of TEGNA Inc. (NYSE:TGNA) by 14.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,262 shares of the company’s stock after selling 3,500 shares during the quarter. Truist Financial Corp’s holdings in TEGNA were worth $282,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of TEGNA by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 25,326,932 shares of the company’s stock worth $387,502,000 after acquiring an additional 744,721 shares in the last quarter. Seven Eight Capital LP acquired a new position in shares of TEGNA in the first quarter valued at about $2,526,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of TEGNA by 122.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 224,159 shares of the company’s stock worth $3,564,000 after purchasing an additional 123,249 shares during the period. Dimensional Fund Advisors LP increased its stake in TEGNA by 1.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after acquiring an additional 141,638 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of TEGNA by 26.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,330,866 shares of the company’s stock worth $35,662,000 after purchasing an additional 484,658 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Benchmark reissued a “buy” rating and issued a $21.00 target price on shares of TEGNA in a report on Thursday, August 8th.

TEGNA Stock Up 1.0 %

TEGNA stock opened at $16.85 on Friday. The company has a market capitalization of $2.86 billion, a PE ratio of 5.86 and a beta of 0.50. The firm’s fifty day moving average is $14.64 and its 200 day moving average is $14.47. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.10. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $16.87.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The firm had revenue of $710.36 million during the quarter, compared to analyst estimates of $715.40 million. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 EPS. As a group, sell-side analysts predict that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 2.97%. The ex-dividend date was Friday, September 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.48%.

Insider Activity at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the completion of the transaction, the chief operating officer now directly owns 179,617 shares in the company, valued at approximately $2,493,083.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is currently owned by corporate 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.