TEGNA Inc. (NYSE:TGNA) Given Average Rating of “Hold” by Brokerages

Shares of TEGNA Inc. (NYSE:TGNA) have been given an average recommendation of “Hold” by the six brokerages that are presently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $19.75.

A number of research firms have weighed in on TGNA. Wells Fargo & Company cut shares of TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Zacks Research downgraded shares of TEGNA from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research note on Monday.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TGNA. Financial Consulate Inc. purchased a new stake in TEGNA in the third quarter valued at approximately $29,000. Federated Hermes Inc. raised its position in TEGNA by 85.4% in the 3rd quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after purchasing an additional 853 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in TEGNA in the 2nd quarter valued at $38,000. Smartleaf Asset Management LLC boosted its stake in TEGNA by 160.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock worth $48,000 after purchasing an additional 1,464 shares during the period. Finally, Measured Wealth Private Client Group LLC purchased a new position in TEGNA during the 3rd quarter worth $51,000. Hedge funds and other institutional investors own 92.19% of the company’s stock.

TEGNA Stock Down 0.0%

Shares of NYSE TGNA opened at $19.36 on Wednesday. The business has a 50-day moving average of $19.71 and a two-hundred day moving average of $19.11. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of 9.13 and a beta of 0.12. TEGNA has a 1 year low of $14.87 and a 1 year high of $21.35. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.22 and a quick ratio of 2.22.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The business had revenue of $650.79 million during the quarter, compared to analysts’ expectations of $658.28 million. TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The company’s revenue was down 19.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.94 EPS. On average, analysts forecast that TEGNA will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 5th will be issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, December 5th. TEGNA’s payout ratio is presently 23.58%.

About TEGNA

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.