Assenagon Asset Management S.A. Acquires 3,025 Shares of TEGNA Inc. (NYSE:TGNA)

Assenagon Asset Management S.A. increased its position in TEGNA Inc. (NYSE:TGNA) by 2.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 124,982 shares of the company’s stock after acquiring an additional 3,025 shares during the quarter. Assenagon Asset Management S.A. owned about 0.08% of TEGNA worth $2,277,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of TGNA. Charles Schwab Investment Management Inc. boosted 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 valued at $34,260,000 after purchasing an additional 93,894 shares during the period. Whitebox Advisors LLC lifted its holdings in shares of TEGNA by 459.6% during the 4th quarter. Whitebox Advisors LLC now owns 142,703 shares of the company’s stock worth $2,610,000 after acquiring an additional 117,203 shares during the last quarter. Hillsdale Investment Management Inc. grew its position in TEGNA by 13,258.8% in the fourth quarter. Hillsdale Investment Management Inc. now owns 227,100 shares of the company’s stock worth $4,154,000 after acquiring an additional 225,400 shares in the last quarter. Invesco Ltd. raised its holdings in shares of TEGNA by 14.6% during the 4th quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock valued at $15,841,000 after buying an additional 110,646 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in TEGNA in the 4th quarter worth approximately $2,375,000. 92.19% of the stock is owned by institutional investors.

TEGNA Trading Up 2.1%

Shares of TGNA stock opened at $16.78 on Tuesday. The company has a market cap of $2.70 billion, a PE ratio of 5.93 and a beta of 0.30. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62. The stock’s 50 day simple moving average is $16.55 and its two-hundred day simple moving average is $17.55. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.03. The business had revenue of $680.05 million during the quarter, compared to analysts’ expectations of $677.24 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 EPS. Research analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend is Friday, June 6th. TEGNA’s payout ratio is currently 17.61%.

Analysts Set New Price Targets

TGNA has been the topic of a number of research analyst reports. Benchmark reduced their price target on TEGNA from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company decreased their target price on TEGNA from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. cut their price target on shares of TEGNA from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, May 21st. Guggenheim increased their price target on shares of TEGNA from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Finally, Wall Street Zen lowered TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.25.

TEGNA Company 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.