665,371 Shares in TEGNA Inc. (NYSE:TGNA) Bought by Norges Bank

Norges Bank bought a new position in TEGNA Inc. (NYSE:TGNA) during the 4th quarter, Holdings Channel reports. The fund bought 665,371 shares of the company’s stock, valued at approximately $12,170,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TGNA. GAMMA Investing LLC increased its stake in shares of TEGNA by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after purchasing an additional 757 shares during the period. Smartleaf Asset Management LLC grew its holdings in TEGNA by 95.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after buying an additional 832 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of TEGNA by 34.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company’s stock worth $80,000 after buying an additional 1,111 shares during the last quarter. Sanctuary Advisors LLC boosted its position in shares of TEGNA by 7.4% in the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock valued at $284,000 after acquiring an additional 1,239 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in shares of TEGNA in the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Trading Down 2.1 %

Shares of TEGNA stock opened at $15.69 on Tuesday. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The firm has a market capitalization of $2.51 billion, a PE ratio of 5.54 and a beta of 0.25. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The company’s fifty day moving average price is $17.96 and its two-hundred day moving average price is $17.66.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Investors of record on Friday, March 7th were given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 3.19%. The ex-dividend date was Friday, March 7th. TEGNA’s dividend payout ratio (DPR) is presently 14.12%.

Wall Street Analyst Weigh In

Several research firms recently commented on TGNA. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Finally, Guggenheim reiterated a “buy” rating and issued a $22.00 target price on shares of TEGNA in a research note on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.75.

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.