State of Alaska Department of Revenue Has $1.63 Million Stock Position in TEGNA Inc. (NYSE:TGNA)

State of Alaska Department of Revenue lessened its stake in TEGNA Inc. (NYSE:TGNA) by 2.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,276 shares of the company’s stock after selling 2,293 shares during the quarter. State of Alaska Department of Revenue owned about 0.06% of TEGNA worth $1,626,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Norges Bank bought a new position in shares of TEGNA in the 4th quarter valued at $12,170,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in TEGNA in the fourth quarter valued at about $7,955,000. Voloridge Investment Management LLC acquired a new position in TEGNA during the fourth quarter worth about $5,434,000. Jane Street Group LLC raised its stake in TEGNA by 494.8% during the fourth quarter. Jane Street Group LLC now owns 195,677 shares of the company’s stock worth $3,579,000 after acquiring an additional 245,245 shares in the last quarter. Finally, Schroder Investment Management Group bought a new position in shares of TEGNA in the fourth quarter worth about $4,429,000. Institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

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

TEGNA Trading Up 1.0%

Shares of NYSE TGNA opened at $16.89 on Wednesday. The firm has a 50 day moving average price of $16.60 and a two-hundred day moving average price of $17.47. The stock has a market cap of $2.71 billion, a P/E ratio of 5.95 and a beta of 0.30. TEGNA Inc. has a 52-week low of $13.37 and a 52-week high of $19.62. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 1.40.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. The business had revenue of $680.05 million during the quarter, compared to the consensus estimate of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. TEGNA’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, equities analysts forecast 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 paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Friday, June 6th. TEGNA’s dividend 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.