Cibc World Markets Corp Buys New Shares in TEGNA Inc. (NYSE:TGNA)

Cibc World Markets Corp purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 15,494 shares of the company’s stock, valued at approximately $283,000.

Several other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp acquired a new stake in shares of TEGNA during the 4th quarter worth approximately $27,000. Smartleaf Asset Management LLC boosted its stake in TEGNA by 95.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after buying an additional 832 shares in the last quarter. GAMMA Investing LLC increased its holdings in TEGNA by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after buying an additional 757 shares during the period. Sound Income Strategies LLC acquired a new position in shares of TEGNA in the 4th quarter valued at $57,000. Finally, Quarry LP raised its stake in shares of TEGNA by 455.2% in the 3rd quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after buying an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Guggenheim reissued a “buy” rating and issued a $22.00 target price on shares of TEGNA in a research note on Friday, January 24th. StockNews.com cut TEGNA from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $21.00 to $23.00 in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.75.

TEGNA Price Performance

NYSE:TGNA opened at $18.91 on Wednesday. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm has a market cap of $3.02 billion, a PE ratio of 6.68 and a beta of 0.45. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62. The company’s 50-day moving average price is $18.02 and its two-hundred day moving average price is $17.45.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA’s payout ratio is currently 14.12%.

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.