341,175 Shares in TEGNA Inc. $TGNA Bought by New York Life Investment Management LLC

New York Life Investment Management LLC acquired a new position in TEGNA Inc. (NYSE:TGNA) in the 3rd quarter, Holdings Channel.com reports. The firm acquired 341,175 shares of the company’s stock, valued at approximately $6,936,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TGNA. Arizona State Retirement System boosted its position in shares of TEGNA by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 47,560 shares of the company’s stock worth $967,000 after purchasing an additional 657 shares in the last quarter. Meritage Portfolio Management lifted its stake in shares of TEGNA by 2.7% in the second quarter. Meritage Portfolio Management now owns 25,801 shares of the company’s stock valued at $432,000 after purchasing an additional 688 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of TEGNA by 12.6% in the second quarter. Parkside Financial Bank & Trust now owns 6,295 shares of the company’s stock valued at $106,000 after purchasing an additional 706 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in TEGNA by 2.3% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 36,978 shares of the company’s stock worth $620,000 after buying an additional 838 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in TEGNA by 85.4% during the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock worth $38,000 after buying an additional 853 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Stock Performance

Shares of TGNA opened at $20.89 on Wednesday. TEGNA Inc. has a 12-month low of $14.87 and a 12-month high of $21.35. The stock has a market cap of $3.36 billion, a P/E ratio of 9.85 and a beta of 0.15. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.81. The company has a 50-day moving average of $19.28 and a two-hundred day moving average of $19.68.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.02). TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The business had revenue of $650.79 million during the quarter, compared to analyst estimates of $658.28 million. During the same quarter in the prior year, the company earned $0.94 earnings per share. The firm’s revenue for the quarter was down 19.3% compared to the same quarter last year. As a group, research analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 5th were issued a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, December 5th. TEGNA’s dividend payout ratio is 23.58%.

Wall Street Analyst Weigh In

TGNA has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. Zacks Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Finally, Wells Fargo & Company cut TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, TEGNA currently has an average rating of “Hold” and an average price target of $19.75.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.