Brokerages Set TEGNA Inc. (NYSE:TGNA) Target Price at $19.75

TEGNA Inc. (NYSE:TGNA) has earned an average rating of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $19.75.

TGNA has been the subject of several research reports. Zacks Research downgraded shares of TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a report on Monday. Guggenheim reissued a “neutral” rating and set a $19.00 price objective on shares of TEGNA in a report on Friday, August 22nd. Finally, Wells Fargo & Company lowered TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd.

TEGNA Price Performance

Shares of TGNA stock opened at $19.32 on Wednesday. The business has a fifty day simple moving average of $19.74 and a 200 day simple moving average of $19.03. The company has a market cap of $3.11 billion, a P/E ratio of 9.11 and a beta of 0.12. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.81. TEGNA has a twelve month low of $14.87 and a twelve month high of $21.35.

TEGNA (NYSE:TGNA) last issued its earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.02). TEGNA had a return on equity of 12.50% and a net margin of 11.97%.The business had revenue of $650.79 million for the quarter, compared to analyst estimates of $658.28 million. During the same period in the previous year, the firm posted $0.94 EPS. The firm’s revenue was down 19.3% compared to the same quarter last year. On average, sell-side analysts forecast that TEGNA will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 5th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $0.50 annualized dividend and a dividend yield of 2.6%. TEGNA’s dividend payout ratio is currently 23.58%.

Institutional Investors Weigh In On TEGNA

A number of institutional investors have recently added to or reduced their stakes in TGNA. Financial Consulate Inc. bought a new position in shares of TEGNA during the third quarter valued at $29,000. Federated Hermes Inc. increased its holdings in TEGNA by 85.4% in the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after purchasing an additional 853 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in TEGNA during the 2nd quarter worth $38,000. Smartleaf Asset Management LLC lifted its holdings in TEGNA by 160.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock worth $48,000 after buying an additional 1,464 shares during the period. Finally, Measured Wealth Private Client Group LLC acquired a new position in TEGNA during the 3rd quarter worth about $51,000. 92.19% of the stock is owned by institutional investors.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.