JPMorgan Chase & Co. Buys 65,720 Shares of TEGNA Inc. $TGNA

JPMorgan Chase & Co. grew its stake in shares of TEGNA Inc. (NYSE:TGNA) by 11.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 625,632 shares of the company’s stock after buying an additional 65,720 shares during the period. JPMorgan Chase & Co. owned approximately 0.39% of TEGNA worth $12,719,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in TGNA. Financial Consulate Inc. bought a new position in TEGNA during the third quarter valued at about $29,000. Federated Hermes Inc. raised its holdings in TEGNA by 85.4% in the 3rd quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after acquiring an additional 853 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of TEGNA by 160.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock worth $48,000 after acquiring an additional 1,464 shares during the period. Measured Wealth Private Client Group LLC acquired a new stake in shares of TEGNA during the 3rd quarter worth approximately $51,000. Finally, PenderFund Capital Management Ltd. acquired a new stake in shares of TEGNA during the 3rd quarter worth approximately $59,000. Institutional investors own 92.19% of the company’s stock.

TEGNA Stock Up 9.3%

Shares of TGNA opened at $21.90 on Friday. The company has a market capitalization of $3.55 billion, a P/E ratio of 16.22 and a beta of 0.12. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.28 and a quick ratio of 2.28. TEGNA Inc. has a one year low of $14.87 and a one year high of $21.90. The business’s 50 day simple moving average is $20.35 and its 200-day simple moving average is $20.02.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, March 2nd. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.05. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The firm had revenue of $706.11 million during the quarter, compared to analysts’ expectations of $701.29 million. During the same period last year, the firm posted $1.21 EPS. The business’s revenue was down 18.9% on a year-over-year basis. As a group, sell-side analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 10th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Tuesday, March 10th. TEGNA’s dividend payout ratio is presently 37.04%.

Analyst Ratings Changes

A number of brokerages recently commented on TGNA. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a research note on Monday, December 29th. Zacks Research raised shares of TEGNA from a “strong sell” rating to a “hold” rating in a report on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $19.75.

TEGNA 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.