Prudential Financial Inc. Sells 14,725 Shares of TEGNA Inc. (NYSE:TGNA)

Prudential Financial Inc. lessened its position in TEGNA Inc. (NYSE:TGNA) by 4.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 356,859 shares of the company’s stock after selling 14,725 shares during the period. Prudential Financial Inc.’s holdings in TEGNA were worth $6,527,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in TGNA. Charles Schwab Investment Management Inc. grew its stake in shares of TEGNA by 3.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock worth $28,077,000 after acquiring an additional 53,583 shares in the last quarter. Cerity Partners LLC boosted its position in TEGNA by 82.3% during the third quarter. Cerity Partners LLC now owns 48,504 shares of the company’s stock worth $765,000 after purchasing an additional 21,900 shares during the period. Quantbot Technologies LP purchased a new position in TEGNA in the 3rd quarter valued at approximately $133,000. BNP Paribas Financial Markets grew its holdings in TEGNA by 9.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 39,038 shares of the company’s stock valued at $616,000 after buying an additional 3,469 shares in the last quarter. Finally, Public Sector Pension Investment Board bought a new position in TEGNA in the 3rd quarter valued at $5,539,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Stock Down 1.1 %

Shares of NYSE TGNA opened at $18.10 on Monday. The stock has a market capitalization of $2.89 billion, a P/E ratio of 6.39 and a beta of 0.45. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The firm’s 50 day simple moving average is $18.03 and its two-hundred day simple moving average is $17.55.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA’s payout ratio is presently 14.12%.

Wall Street Analysts Forecast Growth

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

TEGNA Profile

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.