State Street Corp Boosts Holdings in TEGNA Inc. (NYSE:TGNA)

State Street Corp increased its position in TEGNA Inc. (NYSE:TGNA) by 3.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,194,619 shares of the company’s stock after purchasing an additional 276,699 shares during the quarter. State Street Corp owned 5.09% of TEGNA worth $129,991,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in TGNA. Principal Financial Group Inc. lifted its holdings in TEGNA by 26.2% in the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock worth $14,068,000 after buying an additional 184,845 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after acquiring an additional 141,638 shares in the last quarter. Capital Management Corp VA boosted its holdings in TEGNA by 30.3% in the third quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock valued at $11,453,000 after purchasing an additional 168,667 shares during the last quarter. SG Americas Securities LLC acquired a new stake in TEGNA during the 3rd quarter valued at approximately $626,000. Finally, Squarepoint Ops LLC increased its holdings in TEGNA by 132.9% during the 2nd quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock worth $12,780,000 after purchasing an additional 523,120 shares during the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

TEGNA Price Performance

Shares of NYSE TGNA opened at $18.50 on Friday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 6.54 and a beta of 0.52. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The business has a 50 day simple moving average of $17.52 and a 200-day simple moving average of $15.50.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. During the same quarter in the previous year, the company posted $0.39 earnings per share. The firm’s revenue was up 13.1% on a year-over-year basis. As a group, equities research analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be issued a $0.125 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.50 dividend on an annualized basis and a yield of 2.70%. TEGNA’s dividend payout ratio is currently 17.67%.

Insider Buying and Selling at TEGNA

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $16.40, for a total value of $410,000.00. Following the sale, the chief operating officer now directly owns 154,617 shares in the company, valued at approximately $2,535,718.80. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Friday. Benchmark increased their price objective on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th.

About TEGNA

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.