TEGNA Inc. (TGNA) Stake Lowered by Swiss National Bank
Swiss National Bank reduced its holdings in TEGNA Inc. (NYSE:TGNA) by 52.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340,800 shares of the company’s stock after selling 381,000 shares during the quarter. Swiss National Bank owned approximately 0.16% of TEGNA worth $4,911,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Ameritas Investment Partners Inc. acquired a new position in shares of TEGNA in the 1st quarter worth approximately $131,000. ARS Investment Partners LLC acquired a new position in shares of TEGNA in the 1st quarter worth approximately $135,000. Iberiabank Corp acquired a new position in shares of TEGNA in the 2nd quarter worth approximately $170,000. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of TEGNA by 4.1% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock worth $182,000 after acquiring an additional 499 shares in the last quarter. Finally, First Personal Financial Services acquired a new position in shares of TEGNA in the 2nd quarter worth approximately $192,000. 98.00% of the stock is currently owned by institutional investors and hedge funds.
TGNA has been the topic of several research reports. BidaskClub downgraded TEGNA from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. FBR & Co reaffirmed a “hold” rating and set a $15.00 price objective on shares of TEGNA in a report on Wednesday. Noble Financial reaffirmed a “buy” rating on shares of TEGNA in a report on Thursday, August 3rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $14.00 price objective (down previously from $16.00) on shares of TEGNA in a report on Wednesday, August 2nd. Finally, Zacks Investment Research raised TEGNA from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 13th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. TEGNA currently has an average rating of “Hold” and an average price target of $19.64.
TEGNA Inc. (TGNA) opened at 12.59 on Friday. TEGNA Inc. has a 12-month low of $11.46 and a 12-month high of $17.06. The firm has a market cap of $2.71 billion, a P/E ratio of 15.39 and a beta of 1.76. The firm’s 50-day moving average price is $12.78 and its 200 day moving average price is $14.78.
TEGNA (NYSE:TGNA) last issued its earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.02. TEGNA had a net margin of 11.90% and a return on equity of 20.51%. The firm had revenue of $489.36 million for the quarter, compared to analyst estimates of $486.29 million. During the same quarter last year, the business posted $0.50 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. Analysts forecast that TEGNA Inc. will post $1.09 earnings per share for the current fiscal year.
TEGNA announced that its Board of Directors has authorized a share repurchase plan on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 11.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 8th will be given a $0.07 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.28 dividend on an annualized basis and a yield of 2.22%. TEGNA’s dividend payout ratio is currently 16.97%.
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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