Kestra Investment Management LLC Makes New $239,000 Investment in TEGNA Inc. (NYSE:TGNA)

Kestra Investment Management LLC purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 17,155 shares of the company’s stock, valued at approximately $239,000.

Other large investors have also recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in shares of TEGNA by 142.1% in the fourth quarter. Parallel Advisors LLC now owns 1,675 shares of the company’s stock worth $26,000 after acquiring an additional 983 shares during the period. CWM LLC lifted its holdings in TEGNA by 389.0% in the first quarter. CWM LLC now owns 1,873 shares of the company’s stock valued at $28,000 after acquiring an additional 1,490 shares during the period. Fidelis Capital Partners LLC purchased a new position in TEGNA in the first quarter worth about $28,000. Headlands Technologies LLC bought a new stake in shares of TEGNA during the 1st quarter valued at about $46,000. Finally, Blue Trust Inc. increased its position in shares of TEGNA by 247.8% during the 2nd quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock valued at $70,000 after purchasing an additional 3,350 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

TEGNA Price Performance

NYSE TGNA opened at $15.78 on Tuesday. The business’s fifty day moving average is $14.52 and its 200 day moving average is $14.35. TEGNA Inc. has a fifty-two week low of $12.35 and a fifty-two week high of $16.56. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $2.68 billion, a PE ratio of 5.52 and a beta of 0.49.

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

TEGNA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th will be given a $0.125 dividend. The ex-dividend date is Friday, September 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.17%. TEGNA’s payout ratio is currently 17.48%.

Insider Transactions at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $13.88, for a total value of $347,000.00. Following the transaction, the chief operating officer now directly owns 179,617 shares in the company, valued at $2,493,083.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

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.