TEGNA Inc. $TGNA Position Boosted by Vestcor Inc

Vestcor Inc lifted its stake in shares of TEGNA Inc. (NYSE:TGNA) by 219.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,570 shares of the company’s stock after purchasing an additional 100,000 shares during the period. Vestcor Inc’s holdings in TEGNA were worth $2,959,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TGNA. Fieldview Capital Management LLC boosted its position in TEGNA by 179.5% during the third quarter. Fieldview Capital Management LLC now owns 65,134 shares of the company’s stock valued at $1,324,000 after purchasing an additional 41,832 shares during the last quarter. Swiss National Bank increased its position in TEGNA by 1.5% in the 3rd quarter. Swiss National Bank now owns 311,600 shares of the company’s stock worth $6,335,000 after buying an additional 4,500 shares during the period. WINTON GROUP Ltd grew its position in TEGNA by 238.1% in the 3rd quarter. WINTON GROUP Ltd now owns 338,423 shares of the company’s stock worth $6,880,000 after purchasing an additional 238,338 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of TEGNA by 7.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 140,322 shares of the company’s stock worth $2,852,000 after acquiring an additional 9,830 shares during the period. Finally, Yakira Capital Management Inc. bought a new stake in TEGNA in the 3rd quarter valued at $656,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on TGNA shares. Zacks Research upgraded TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research note on Monday, December 29th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.75.

TEGNA Trading Down 0.7%

Shares of TGNA opened at $20.77 on Wednesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 15.38 and a beta of 0.12. The stock has a fifty day moving average price of $19.85 and a two-hundred day moving average price of $20.02. TEGNA Inc. has a 52-week low of $14.87 and a 52-week high of $21.35.

TEGNA (NYSE:TGNA) last announced its earnings results on Monday, March 2nd. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.45 by $0.05. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The company had revenue of $706.11 million for the quarter, compared to analysts’ expectations of $701.29 million. During the same quarter in the prior year, the business earned $1.21 earnings per share. The business’s revenue for the quarter was down 18.9% on a year-over-year basis. Analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 dividend on an annualized basis and a yield of 2.4%. TEGNA’s dividend payout ratio is currently 37.04%.

TEGNA Company Profile

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.