TEGNA (NYSE:TGNA) declared that its board has initiated a stock repurchase program, which permits the company to buyback $300.00 million in shares on Tuesday, September 19th, EventVestor reports. This buyback authorization permits the company to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Shares of TEGNA (TGNA) opened at 12.79 on Friday. The stock’s 50 day moving average is $12.78 and its 200 day moving average is $14.78. TEGNA has a 12 month low of $11.46 and a 12 month high of $17.06. The firm has a market cap of $2.75 billion, a P/E ratio of 15.64 and a beta of 1.76.

TEGNA (NYSE:TGNA) last announced its earnings results on Tuesday, August 1st. The company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. The company had revenue of $489.36 million during the quarter, compared to the consensus estimate of $486.29 million. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 earnings per share. Equities research analysts expect that TEGNA will post $1.09 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 8th will be issued a dividend of $0.07 per share. The ex-dividend date is Thursday, September 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.19%. TEGNA’s dividend payout ratio is presently 16.97%.

Several research firms have issued reports on TGNA. Wells Fargo & Company restated a “hold” rating and set a $14.00 price target on shares of TEGNA in a report on Friday. FBR & Co restated a “hold” rating and set a $15.00 price target on shares of TEGNA in a report on Wednesday. Zacks Investment Research upgraded shares of TEGNA from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 13th. BidaskClub lowered shares of TEGNA from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Finally, ValuEngine lowered shares of TEGNA from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. TEGNA presently has an average rating of “Hold” and a consensus price target of $19.29.

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About TEGNA

Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.

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