Investors Purchase Large Volume of Call Options on TEGNA (NYSE:TGNA)

TEGNA Inc. (NYSE:TGNAGet Rating) was the target of some unusual options trading on Wednesday. Stock investors bought 4,682 call options on the company. This is an increase of 1,238% compared to the typical volume of 350 call options.

Analysts Set New Price Targets

Separately, StockNews.com assumed coverage on TEGNA in a report on Wednesday, October 12th. They set a “buy” rating for the company.

TEGNA Stock Performance

Shares of TGNA opened at $19.71 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.71 and a current ratio of 2.71. The stock has a 50 day moving average price of $20.52 and a two-hundred day moving average price of $20.92. The firm has a market capitalization of $4.40 billion, a P/E ratio of 8.14 and a beta of 0.74. TEGNA has a 52 week low of $17.94 and a 52 week high of $23.04.

TEGNA Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Friday, December 9th will be issued a dividend of $0.095 per share. This represents a $0.38 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Thursday, December 8th. TEGNA’s dividend payout ratio is currently 15.70%.

Hedge Funds Weigh In On TEGNA

Hedge funds and other institutional investors have recently modified their holdings of the business. Heritage Financial Services LLC purchased a new position in shares of TEGNA in the 2nd quarter worth approximately $26,000. EverSource Wealth Advisors LLC purchased a new position in shares of TEGNA in the 3rd quarter worth approximately $27,000. Prospera Financial Services Inc purchased a new position in shares of TEGNA in the 1st quarter worth approximately $29,000. Exchange Traded Concepts LLC boosted its stake in shares of TEGNA by 71.9% in the 2nd quarter. Exchange Traded Concepts LLC now owns 1,781 shares of the company’s stock worth $37,000 after buying an additional 745 shares during the last quarter. Finally, Ronald Blue Trust Inc. lifted its stake in TEGNA by 231.6% in the third quarter. Ronald Blue Trust Inc. now owns 1,923 shares of the company’s stock valued at $40,000 after purchasing an additional 1,343 shares during the last quarter. Hedge funds and other institutional investors own 90.25% of the company’s stock.

About TEGNA

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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.

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