TEGNA Inc. (NYSE:TGNA) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its stake in TEGNA Inc. (NYSE:TGNA) by 9.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,992 shares of the company’s stock after selling 9,267 shares during the period. Corebridge Financial Inc. owned 0.05% of TEGNA worth $1,609,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC increased its position in TEGNA by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after acquiring an additional 757 shares during the period. Smartleaf Asset Management LLC raised its position in shares of TEGNA by 95.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after buying an additional 832 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of TEGNA by 34.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company’s stock worth $80,000 after acquiring an additional 1,111 shares during the period. Sanctuary Advisors LLC increased its stake in shares of TEGNA by 7.4% during the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock valued at $284,000 after acquiring an additional 1,239 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in TEGNA during the fourth quarter worth approximately $27,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Stock Performance

Shares of NYSE TGNA opened at $18.96 on Thursday. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The business’s 50-day moving average price is $18.08 and its two-hundred day moving average price is $17.62. The company has a market capitalization of $3.03 billion, a P/E ratio of 6.70 and a beta of 0.25.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were issued a $0.125 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 2.64%. TEGNA’s dividend payout ratio is currently 14.12%.

Analyst Ratings Changes

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

TEGNA 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.