Charles Schwab Investment Management Inc. Raises Position in TEGNA Inc. (NYSE:TGNA)

Charles Schwab Investment Management Inc. increased its holdings in TEGNA Inc. (NYSE:TGNA) by 5.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,873,167 shares of the company’s stock after buying an additional 93,894 shares during the period. Charles Schwab Investment Management Inc. owned 1.16% of TEGNA worth $34,260,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp purchased a new stake in TEGNA during the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC raised its position in TEGNA by 95.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after purchasing an additional 832 shares in the last quarter. GAMMA Investing LLC raised its position in TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after purchasing an additional 757 shares in the last quarter. Sound Income Strategies LLC purchased a new stake in TEGNA during the fourth quarter valued at about $57,000. Finally, Quarry LP raised its position in TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after purchasing an additional 3,300 shares in the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Up 1.6 %

Shares of NYSE:TGNA opened at $17.65 on Monday. The stock’s 50-day moving average price is $17.98 and its 200-day moving average price is $17.22. TEGNA Inc. has a 12-month low of $12.35 and a 12-month high of $19.62. The stock has a market capitalization of $2.82 billion, a P/E ratio of 6.24 and a beta of 0.45. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be paid a $0.125 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.50 annualized dividend and a dividend yield of 2.83%. TEGNA’s payout ratio is presently 14.12%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on TGNA. Guggenheim restated a “buy” rating and set a $22.00 price target on shares of TEGNA in a research report on Friday, January 24th. StockNews.com cut TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $21.75.

About TEGNA

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.