Victory Capital Management Inc. Increases Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Victory Capital Management Inc. increased its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 43.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,071,403 shares of the company’s stock after buying an additional 325,881 shares during the quarter. Victory Capital Management Inc. owned 0.63% of TEGNA worth $14,935,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of TEGNA in the 4th quarter valued at about $38,009,000. Dimensional Fund Advisors LP lifted its holdings in shares of TEGNA by 17.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,294,455 shares of the company’s stock valued at $157,506,000 after buying an additional 1,501,986 shares during the period. Vanguard Group Inc. lifted its holdings in shares of TEGNA by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 26,798,623 shares of the company’s stock valued at $400,371,000 after buying an additional 1,471,691 shares during the period. LSV Asset Management lifted its holdings in shares of TEGNA by 13.7% in the 1st quarter. LSV Asset Management now owns 6,197,091 shares of the company’s stock valued at $92,585,000 after buying an additional 747,520 shares during the period. Finally, Kodai Capital Management LP acquired a new position in shares of TEGNA in the 4th quarter valued at about $7,477,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other TEGNA news, CEO David T. Lougee sold 98,437 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the completion of the sale, the chief executive officer now directly owns 594,401 shares in the company, valued at approximately $8,309,725.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last three months, insiders sold 98,467 shares of company stock worth $1,376,563. Corporate insiders own 0.88% of the company’s stock.

TEGNA Stock Performance

NYSE TGNA opened at $14.29 on Friday. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 5.00 and a beta of 0.49. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $16.56. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 1.10. The stock has a 50-day moving average of $14.51 and a 200 day moving average of $14.28.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company had revenue of $710.36 million during the quarter, compared to analysts’ expectations of $715.40 million. During the same quarter in the prior year, the firm posted $0.44 EPS. TEGNA’s quarterly revenue was down 2.9% compared to the same quarter last year. Sell-side analysts anticipate that TEGNA Inc. will post 3.07 EPS for the current fiscal year.

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.50 annualized dividend and a yield of 3.50%. TEGNA’s dividend payout ratio (DPR) is currently 17.48%.

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.