Rhumbline Advisers Grows Stock Holdings in TEGNA Inc. (NYSE:TGNA)
Rhumbline Advisers lifted its position in shares of TEGNA Inc. (NYSE:TGNA) by 2.0% during the first quarter, Holdings Channel reports. The institutional investor owned 729,741 shares of the company’s stock after purchasing an additional 14,417 shares during the period. Rhumbline Advisers’ holdings in TEGNA were worth $7,925,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Citizens Financial Group Inc RI purchased a new position in shares of TEGNA during the 4th quarter valued at $32,000. Chevy Chase Trust Holdings Inc. purchased a new position in shares of TEGNA during the 4th quarter valued at $37,000. Howard Wealth Management LLC purchased a new position in shares of TEGNA during the 4th quarter valued at $42,000. Great Diamond Partners LLC purchased a new position in shares of TEGNA during the 4th quarter valued at $62,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of TEGNA during the 4th quarter valued at $83,000. Institutional investors own 96.60% of the company’s stock.
TEGNA stock opened at $11.21 on Friday. The company’s 50-day moving average price is $10.79 and its 200-day moving average price is $14.68. TEGNA Inc. has a twelve month low of $9.61 and a twelve month high of $18.31. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 2.52. The company has a market cap of $2.40 billion, a PE ratio of 8.24, a price-to-earnings-growth ratio of 0.63 and a beta of 1.31.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, June 4th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.50%. TEGNA’s dividend payout ratio (DPR) is presently 20.29%.
A number of analysts have issued reports on the stock. Cfra reduced their price target on shares of TEGNA from $19.00 to $12.00 and set a “hold” rating on the stock in a report on Friday, May 8th. Zacks Investment Research downgraded shares of TEGNA from a “buy” rating to a “hold” rating and set a $13.00 price target on the stock. in a report on Wednesday, April 8th. Benchmark reduced their price target on shares of TEGNA from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Barrington Research reiterated a “buy” rating and issued a $17.00 price target on shares of TEGNA in a report on Thursday, May 14th. Finally, JPMorgan Chase & Co. reduced their price target on shares of TEGNA from $19.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, April 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. TEGNA has an average rating of “Hold” and an average price target of $15.56.
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.
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