TEGNA Inc. (NYSE:TGNA) Plans $0.10 Quarterly Dividend

TEGNA Inc. (NYSE:TGNAGet Rating) announced a quarterly dividend on Friday, April 29th, Wall Street Journal reports. Investors of record on Friday, June 3rd will be paid a dividend of 0.095 per share on Friday, July 1st. This represents a $0.38 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, June 2nd.

TEGNA has increased its dividend payment by an average of 8.2% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. TEGNA has a payout ratio of 15.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect TEGNA to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.38 annual dividend with an expected future payout ratio of 16.5%.

Shares of TEGNA stock opened at $22.05 on Friday. The stock has a market capitalization of $4.88 billion, a P/E ratio of 10.26 and a beta of 0.92. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 1.28. The stock has a 50 day moving average price of $22.44 and a two-hundred day moving average price of $20.81. TEGNA has a 12-month low of $16.42 and a 12-month high of $23.04.

TEGNA (NYSE:TGNAGet Rating) last announced its earnings results on Monday, February 28th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.02. The firm had revenue of $774.60 million during the quarter, compared to analysts’ expectations of $769.72 million. TEGNA had a return on equity of 20.45% and a net margin of 15.95%. The company’s revenue was down 17.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. Sell-side analysts anticipate that TEGNA will post 2.92 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of TEGNA by 2.8% in the fourth quarter. BlackRock Inc. now owns 26,368,438 shares of the company’s stock valued at $489,398,000 after acquiring an additional 730,363 shares during the period. Parametric Portfolio Associates LLC raised its stake in shares of TEGNA by 2.9% in the fourth quarter. Parametric Portfolio Associates LLC now owns 1,214,137 shares of the company’s stock valued at $22,534,000 after purchasing an additional 34,504 shares in the last quarter. Morgan Stanley raised its stake in shares of TEGNA by 38.7% in the second quarter. Morgan Stanley now owns 641,570 shares of the company’s stock valued at $12,035,000 after purchasing an additional 178,980 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of TEGNA by 6.6% in the fourth quarter. Wells Fargo & Company MN now owns 493,864 shares of the company’s stock valued at $9,166,000 after purchasing an additional 30,512 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of TEGNA by 2.8% in the fourth quarter. Legal & General Group Plc now owns 334,035 shares of the company’s stock valued at $6,200,000 after purchasing an additional 9,046 shares in the last quarter. 91.04% of the stock is owned by institutional investors.

A number of brokerages have issued reports on TGNA. StockNews.com began coverage on TEGNA in a research report on Thursday, March 31st. They set a “hold” rating for the company. Argus cut TEGNA from a “buy” rating to a “hold” rating in a research report on Wednesday, April 13th.

About TEGNA (Get Rating)

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.

Featured Stories

Dividend History for TEGNA (NYSE:TGNA)

Receive News & Ratings for TEGNA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TEGNA and related companies with MarketBeat.com's FREE daily email newsletter.