Bank of Nova Scotia Sells 1,958 Shares of TEGNA Inc. (NYSE:TGNA)

Bank of Nova Scotia lowered its holdings in TEGNA Inc. (NYSE:TGNAFree Report) by 7.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,108 shares of the company’s stock after selling 1,958 shares during the quarter. Bank of Nova Scotia’s holdings in TEGNA were worth $384,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Victory Capital Management Inc. raised its stake in TEGNA by 41.0% in the third quarter. Victory Capital Management Inc. now owns 56,375 shares of the company’s stock worth $821,000 after buying an additional 16,387 shares in the last quarter. Jump Financial LLC bought a new position in shares of TEGNA in the 3rd quarter worth $359,000. New York State Common Retirement Fund raised its position in shares of TEGNA by 27.6% in the 3rd quarter. New York State Common Retirement Fund now owns 107,138 shares of the company’s stock worth $1,561,000 after acquiring an additional 23,177 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in shares of TEGNA by 19.0% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 53,559 shares of the company’s stock worth $780,000 after purchasing an additional 8,563 shares during the last quarter. Finally, Pathstone Family Office LLC bought a new stake in TEGNA during the third quarter valued at about $211,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on TGNA shares. Benchmark decreased their price target on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 1st. JPMorgan Chase & Co. decreased their target price on shares of TEGNA from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, March 1st.

Get Our Latest Stock Analysis on TEGNA

TEGNA Trading Up 0.6 %

Shares of NYSE:TGNA opened at $14.16 on Friday. The business’s 50-day moving average is $14.30 and its 200 day moving average is $14.78. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.53 and a quick ratio of 2.53. TEGNA Inc. has a 1 year low of $13.18 and a 1 year high of $17.37. The firm has a market capitalization of $2.40 billion, a P/E ratio of 4.95 and a beta of 0.51.

TEGNA (NYSE:TGNAGet Free Report) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.02. The firm had revenue of $714.30 million for the quarter, compared to the consensus estimate of $718.86 million. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.47 earnings per share. On average, research analysts predict that TEGNA Inc. will post 3.11 earnings per share for the current fiscal year.

TEGNA Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be paid a dividend of $0.125 per share. This is an increase from TEGNA’s previous quarterly dividend of $0.11. This represents a $0.50 annualized dividend and a dividend yield of 3.53%. The ex-dividend date of this dividend is Friday, June 7th. TEGNA’s payout ratio is presently 16.08%.

Insider Activity

In related news, CEO David T. Lougee sold 32,813 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $15.04, for a total value of $493,507.52. Following the completion of the transaction, the chief executive officer now owns 692,838 shares in the company, valued at approximately $10,420,283.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO David T. Lougee sold 32,813 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $15.04, for a total value of $493,507.52. Following the transaction, the chief executive officer now owns 692,838 shares in the company, valued at approximately $10,420,283.52. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Clifton A. Mcclelland III sold 54,093 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.78, for a total transaction of $853,587.54. Following the transaction, the senior vice president now directly owns 42,602 shares of the company’s stock, valued at $672,259.56. The disclosure for this sale can be found here. Insiders have sold 130,656 shares of company stock valued at $1,990,220 over the last ninety days. 0.88% of the stock is currently owned by insiders.

About TEGNA

(Free Report)

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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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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