TEGNA Inc. $TGNA Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its holdings in TEGNA Inc. (NYSE:TGNA) by 30.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 559,912 shares of the company’s stock after selling 241,186 shares during the period. JPMorgan Chase & Co. owned 0.35% of TEGNA worth $9,384,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meritage Portfolio Management grew its stake in TEGNA by 2.7% during the 2nd quarter. Meritage Portfolio Management now owns 25,801 shares of the company’s stock valued at $432,000 after acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of TEGNA by 15.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,058 shares of the company’s stock worth $92,000 after purchasing an additional 694 shares during the last quarter. Parkside Financial Bank & Trust grew its position in shares of TEGNA by 12.6% in the second quarter. Parkside Financial Bank & Trust now owns 6,295 shares of the company’s stock valued at $106,000 after purchasing an additional 706 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its holdings in shares of TEGNA by 2.3% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 36,978 shares of the company’s stock valued at $620,000 after purchasing an additional 838 shares during the last quarter. Finally, Cetera Investment Advisers lifted its position in TEGNA by 3.4% during the second quarter. Cetera Investment Advisers now owns 30,304 shares of the company’s stock worth $508,000 after buying an additional 1,007 shares in the last quarter. 92.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TGNA has been the subject of several analyst reports. Guggenheim restated a “neutral” rating and issued a $19.00 target price on shares of TEGNA in a report on Friday, August 22nd. Wells Fargo & Company lowered shares of TEGNA from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 23rd. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a research report on Monday. Finally, Zacks Research lowered shares of TEGNA from a “hold” rating to a “strong sell” rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, TEGNA currently has a consensus rating of “Hold” and a consensus target price of $19.75.

TEGNA Price Performance

Shares of TGNA opened at $19.55 on Wednesday. The firm has a 50-day simple moving average of $19.84 and a two-hundred day simple moving average of $18.90. The stock has a market cap of $3.15 billion, a PE ratio of 9.22 and a beta of 0.12. TEGNA Inc. 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 posted its quarterly earnings data on Monday, November 10th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). The company had revenue of $650.79 million for the quarter, compared to analysts’ expectations of $658.28 million. TEGNA had a return on equity of 12.50% and a net margin of 11.97%.The business’s revenue for the quarter was down 19.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.94 EPS. As a group, analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Investors 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 is Friday, December 5th. TEGNA’s payout ratio is currently 23.58%.

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.