TEGNA Inc. (NYSE:TGNA) Stock Position Boosted by State Street Corp

State Street Corp grew its stake in shares of TEGNA Inc. (NYSE:TGNA) by 3.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,194,619 shares of the company’s stock after buying an additional 276,699 shares during the quarter. State Street Corp owned about 0.05% of TEGNA worth $129,991,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in TEGNA by 2,898.4% during the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock worth $170,521,000 after purchasing an additional 10,445,739 shares in the last quarter. LSV Asset Management increased its position in shares of TEGNA by 29.5% during the 2nd quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock valued at $111,862,000 after purchasing an additional 1,827,471 shares during the period. Millennium Management LLC raised its stake in shares of TEGNA by 395.9% in the 2nd quarter. Millennium Management LLC now owns 930,722 shares of the company’s stock worth $12,974,000 after buying an additional 743,052 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of TEGNA by 757.4% in the third quarter. Empowered Funds LLC now owns 662,417 shares of the company’s stock valued at $10,453,000 after buying an additional 585,156 shares during the period. Finally, Squarepoint Ops LLC boosted its stake in TEGNA by 132.9% during the second quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock valued at $12,780,000 after buying an additional 523,120 shares in the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the transaction, the chief operating officer now owns 154,617 shares in the company, valued at $2,535,718.80. This represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TGNA. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a research report on Friday. Benchmark boosted their target price on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th.

TEGNA Trading Down 0.9 %

Shares of TGNA opened at $18.50 on Friday. The business’s 50-day moving average price is $17.52 and its 200 day moving average price is $15.50. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $2.98 billion, a P/E ratio of 6.54 and a beta of 0.52. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $19.62.

TEGNA (NYSE:TGNA) last released its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. The business had revenue of $806.83 million for the quarter, compared to the consensus estimate of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the firm posted $0.39 earnings per share. Analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be issued a $0.125 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.70%. TEGNA’s payout ratio is currently 17.67%.

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.