Norges Bank Purchases New Shares in TEGNA Inc. (NYSE:TGNA)

Norges Bank acquired a new position in TEGNA Inc. (NYSE:TGNAFree Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,484,236 shares of the company’s stock, valued at approximately $38,009,000. Norges Bank owned approximately 1.26% of TEGNA at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Victory Capital Management Inc. lifted its stake in shares of TEGNA by 41.0% in the 3rd quarter. Victory Capital Management Inc. now owns 56,375 shares of the company’s stock valued at $821,000 after purchasing an additional 16,387 shares during the period. Assenagon Asset Management S.A. lifted its position in TEGNA by 9.7% during the third quarter. Assenagon Asset Management S.A. now owns 121,732 shares of the company’s stock valued at $1,774,000 after buying an additional 10,770 shares during the period. Jump Financial LLC purchased a new position in TEGNA during the third quarter valued at $359,000. Barclays PLC boosted its holdings in shares of TEGNA by 138.9% during the 3rd quarter. Barclays PLC now owns 458,520 shares of the company’s stock valued at $6,681,000 after buying an additional 266,588 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of TEGNA by 27.6% in the 3rd quarter. New York State Common Retirement Fund now owns 107,138 shares of the company’s stock worth $1,561,000 after buying an additional 23,177 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at TEGNA

In other TEGNA news, SVP Clifton A. Mcclelland III sold 54,093 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $15.78, for a total transaction of $853,587.54. Following the transaction, the senior vice president now owns 42,602 shares in the company, valued at approximately $672,259.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO David T. Lougee sold 43,750 shares of TEGNA stock in a transaction on Monday, April 1st. The stock was sold at an average price of $14.70, for a total value of $643,125.00. Following the completion of the sale, the chief executive officer now owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Clifton A. Mcclelland III sold 54,093 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $15.78, for a total value of $853,587.54. Following the completion of the transaction, the senior vice president now directly owns 42,602 shares in the company, valued at approximately $672,259.56. The disclosure for this sale can be found here. Insiders have sold 130,656 shares of company stock valued at $1,990,220 over the last ninety days. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TGNA shares. Wells Fargo & Company dropped their price objective on shares of TEGNA from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, February 9th. JPMorgan Chase & Co. cut their price target on TEGNA from $17.00 to $15.00 and set a “neutral” rating on the stock in a research note on Friday, March 1st. Finally, Benchmark lowered their price objective on TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a research note on Friday, March 1st.

Read Our Latest Report on TEGNA

TEGNA Stock Up 3.1 %

NYSE:TGNA opened at $14.70 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 2.53 and a current ratio of 2.53. The firm has a market cap of $2.49 billion, a P/E ratio of 5.14 and a beta of 0.50. TEGNA Inc. has a fifty-two week low of $13.18 and a fifty-two week high of $17.37. The firm has a 50-day simple moving average of $14.30 and a two-hundred day simple moving average of $14.83.

TEGNA (NYSE:TGNAGet Free Report) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The company had revenue of $714.30 million during the quarter, compared to analyst estimates of $718.86 million. During the same period in the previous year, the business earned $0.47 EPS. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. Analysts predict that TEGNA Inc. will post 3.11 earnings per share for the current fiscal year.

TEGNA Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a dividend of $0.125 per share. This is an increase from TEGNA’s previous quarterly dividend of $0.11. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Friday, June 7th. TEGNA’s dividend payout ratio is presently 16.08%.

TEGNA Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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