Ameriprise Financial Inc. Sells 30,877 Shares of TEGNA Inc. (NYSE:TGNA)

Ameriprise Financial Inc. reduced its position in TEGNA Inc. (NYSE:TGNA) by 6.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 467,847 shares of the company’s stock after selling 30,877 shares during the quarter. Ameriprise Financial Inc. owned 0.29% of TEGNA worth $8,561,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in TGNA. Jones Financial Companies Lllp bought a new stake in shares of TEGNA in the fourth quarter valued at about $27,000. Smartleaf Asset Management LLC raised its holdings in TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after purchasing an additional 832 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in shares of TEGNA by 80.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company’s stock valued at $31,000 after buying an additional 749 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of TEGNA during the fourth quarter valued at about $32,000. Finally, Sound Income Strategies LLC purchased a new stake in shares of TEGNA during the fourth quarter valued at about $57,000. 92.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on TGNA. Guggenheim increased their price target on shares of TEGNA from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Benchmark decreased their price target on shares of TEGNA from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Wells Fargo & Company decreased their price target on shares of TEGNA from $23.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, May 1st. Finally, StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, TEGNA presently has an average rating of “Moderate Buy” and an average target price of $20.50.

TEGNA Stock Performance

Shares of TEGNA stock opened at $17.32 on Wednesday. The firm has a market capitalization of $2.78 billion, a P/E ratio of 6.12 and a beta of 0.31. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a 50 day moving average price of $17.01 and a 200 day moving average price of $17.77. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.34 by $0.03. The firm had revenue of $680.05 million during the quarter, compared to analyst estimates of $677.24 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. TEGNA’s revenue was down 4.8% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. Sell-side analysts expect that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 6th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.89%. TEGNA’s payout ratio is currently 17.61%.

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.