JPMorgan Chase & Co. Purchases 140,987 Shares of TEGNA Inc. (NYSE:TGNA)

JPMorgan Chase & Co. raised its position in shares of TEGNA Inc. (NYSE:TGNA) by 49.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 425,565 shares of the company’s stock after purchasing an additional 140,987 shares during the quarter. JPMorgan Chase & Co. owned 0.26% of TEGNA worth $7,784,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in TEGNA by 26.2% in the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock worth $14,068,000 after acquiring an additional 184,845 shares during the period. EMC Capital Management increased its stake in shares of TEGNA by 648.8% in the 4th quarter. EMC Capital Management now owns 20,346 shares of the company’s stock worth $372,000 after purchasing an additional 17,629 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in TEGNA by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company’s stock worth $34,260,000 after purchasing an additional 93,894 shares during the period. Guidance Capital Inc. purchased a new position in TEGNA during the fourth quarter valued at $476,000. Finally, World Investment Advisors LLC bought a new stake in TEGNA during the third quarter valued at about $528,000. 92.19% of the stock is owned by institutional investors.

TEGNA Stock Down 2.2 %

NYSE TGNA opened at $15.79 on Thursday. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market cap of $2.54 billion, a PE ratio of 5.58 and a beta of 0.25. The stock’s 50 day moving average is $17.57 and its 200 day moving average is $17.67.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were given a dividend of $0.125 per share. The ex-dividend date was Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.17%. TEGNA’s dividend payout ratio is 14.12%.

Wall Street Analyst Weigh In

Several research firms have recently commented on TGNA. StockNews.com downgraded TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Guggenheim lowered their price target on shares of TEGNA from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.25.

TEGNA Profile

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.