Assetmark Inc. Increases Stock Holdings in TEGNA Inc. (NYSE:TGNA)

Assetmark Inc. boosted its position in shares of TEGNA Inc. (NYSE:TGNA) by 5.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 201,087 shares of the company’s stock after purchasing an additional 11,068 shares during the period. Assetmark Inc. owned approximately 0.13% of TEGNA worth $3,664,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Commonwealth Equity Services LLC raised its position in TEGNA by 19.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 26,023 shares of the company’s stock valued at $476,000 after purchasing an additional 4,303 shares during the period. Elo Mutual Pension Insurance Co purchased a new stake in TEGNA in the 4th quarter valued at about $206,000. JPMorgan Chase & Co. lifted its position in TEGNA by 49.5% in the fourth quarter. JPMorgan Chase & Co. now owns 425,565 shares of the company’s stock valued at $7,784,000 after buying an additional 140,987 shares during the last quarter. Norges Bank purchased a new position in TEGNA during the fourth quarter worth about $12,170,000. Finally, Pictet Asset Management Holding SA boosted its stake in TEGNA by 4.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company’s stock worth $424,000 after buying an additional 910 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.

TEGNA Price Performance

Shares of TGNA opened at $16.87 on Wednesday. The company has a market cap of $2.71 billion, a P/E ratio of 5.94 and a beta of 0.30. TEGNA Inc. has a fifty-two week low of $13.37 and a fifty-two week high of $19.62. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.83. The firm’s 50 day moving average price is $16.81 and its 200 day moving average price is $17.23.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. The business had revenue of $680.05 million for the quarter, compared to analyst estimates of $677.24 million. TEGNA had a return on equity of 17.13% and a net margin of 15.29%. The company’s revenue was down 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 earnings per share. On average, research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.96%. The ex-dividend date was Friday, June 6th. TEGNA’s payout ratio is presently 17.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on TGNA shares. Wells Fargo & Company decreased their price objective on shares of TEGNA from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. Benchmark decreased their price target on TEGNA from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price target on TEGNA from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Wednesday, May 21st. Finally, Guggenheim cut their price objective on TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

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.