Bessemer Group Inc. increased its holdings in shares of TEGNA Inc. (NYSE:TGNA – Free Report) by 88.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,497 shares of the company’s stock after acquiring an additional 2,585 shares during the quarter. Bessemer Group Inc.’s holdings in TEGNA were worth $93,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. Ellevest Inc. raised its position in shares of TEGNA by 641.1% during the 1st quarter. Ellevest Inc. now owns 1,549 shares of the company’s stock worth $26,000 after purchasing an additional 1,340 shares during the period. Signaturefd LLC increased its position in TEGNA by 179.8% in the first quarter. Signaturefd LLC now owns 1,690 shares of the company’s stock worth $29,000 after buying an additional 1,086 shares during the period. Byrne Asset Management LLC bought a new stake in TEGNA in the first quarter valued at $30,000. Steward Financial Group LLC acquired a new position in shares of TEGNA during the fourth quarter valued at $31,000. Finally, U.S. Capital Wealth Advisors LLC acquired a new position in shares of TEGNA during the fourth quarter valued at $53,000. Institutional investors own 86.17% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently weighed in on TGNA shares. Wells Fargo & Company lifted their price objective on shares of TEGNA from $18.00 to $19.00 and gave the company an “equal weight” rating in a research report on Friday, August 4th. StockNews.com initiated coverage on TEGNA in a research report on Thursday, August 17th. They set a “hold” rating for the company.
TEGNA Stock Performance
TGNA stock opened at $16.45 on Friday. The company has a market capitalization of $3.32 billion, a P/E ratio of 5.48 and a beta of 0.61. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 1.06. The company has a 50-day simple moving average of $16.50 and a 200 day simple moving average of $16.80. TEGNA Inc. has a fifty-two week low of $15.09 and a fifty-two week high of $22.29.
TEGNA (NYSE:TGNA – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.02. TEGNA had a net margin of 20.96% and a return on equity of 19.06%. The business had revenue of $732.00 million during the quarter, compared to analysts’ expectations of $733.39 million. During the same period last year, the firm posted $0.60 earnings per share. The business’s revenue was down 6.8% on a year-over-year basis. Sell-side analysts predict that TEGNA Inc. will post 1.71 earnings per share for the current fiscal year.
TEGNA Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a $0.1138 dividend. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date is Thursday, September 7th. This is an increase from TEGNA’s previous quarterly dividend of $0.10. TEGNA’s payout ratio is currently 12.67%.
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.
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