Alpine Global Management LLC Invests $1.83 Million in TEGNA Inc. $TGNA

Alpine Global Management LLC bought a new position in shares of TEGNA Inc. (NYSE:TGNA) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 90,000 shares of the company’s stock, valued at approximately $1,830,000. Alpine Global Management LLC owned approximately 0.06% of TEGNA as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Financial Consulate Inc. purchased a new stake in TEGNA during the third quarter worth approximately $29,000. Federated Hermes Inc. raised its stake in shares of TEGNA by 85.4% in the 3rd quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after acquiring an additional 853 shares during the period. Smartleaf Asset Management LLC lifted its holdings in shares of TEGNA by 160.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock valued at $48,000 after acquiring an additional 1,464 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new position in shares of TEGNA during the 3rd quarter valued at $51,000. Finally, PenderFund Capital Management Ltd. purchased a new stake in TEGNA during the 3rd quarter worth $59,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TGNA shares. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. Zacks Research upgraded TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $19.75.

TEGNA Stock Down 0.4%

TGNA stock opened at $20.39 on Wednesday. TEGNA Inc. has a twelve month low of $14.87 and a twelve month high of $21.35. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $3.30 billion, a P/E ratio of 15.10 and a beta of 0.12. The firm has a 50 day simple moving average of $19.95 and a 200-day simple moving average of $19.99.

TEGNA (NYSE:TGNA) last posted its quarterly earnings results on Monday, March 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.05. TEGNA had a net margin of 8.11% and a return on equity of 8.60%. The firm had revenue of $706.11 million for the quarter, compared to analysts’ expectations of $701.29 million. During the same period in the prior year, the company posted $1.21 earnings per share. The firm’s quarterly revenue was down 18.9% on a year-over-year basis. On average, equities research analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 10th will be paid a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, March 10th. TEGNA’s dividend payout ratio is 37.04%.

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.