TEGNA (NYSE:TGNA) Announces Earnings Results

TEGNA (NYSE:TGNA) released its quarterly earnings data on Monday. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05, FiscalAI reports. TEGNA had a net margin of 11.97% and a return on equity of 12.50%. The business had revenue of $706.11 million during the quarter, compared to the consensus estimate of $701.29 million. During the same quarter in the prior year, the firm earned $1.21 EPS. The business’s revenue was down 18.9% on a year-over-year basis.

TEGNA Stock Performance

Shares of TGNA stock opened at $20.65 on Monday. The company has a quick ratio of 2.22, a current ratio of 2.22 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $3.33 billion, a PE ratio of 9.74 and a beta of 0.15. The stock’s 50-day moving average price is $19.64 and its 200 day moving average price is $20.02. TEGNA has a 52-week low of $14.87 and a 52-week high of $21.35.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be paid a $0.125 dividend. The ex-dividend date is Tuesday, March 10th. This represents a $0.50 dividend on an annualized basis and a yield of 2.4%. TEGNA’s payout ratio is currently 23.58%.

Institutional Investors Weigh In On TEGNA

Institutional investors have recently added to or reduced their stakes in the stock. Amundi boosted its holdings in TEGNA by 1,507.5% during the first quarter. Amundi now owns 4,067 shares of the company’s stock worth $74,000 after buying an additional 3,814 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of TEGNA by 1.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 95,968 shares of the company’s stock worth $1,749,000 after acquiring an additional 1,726 shares during the period. United Services Automobile Association purchased a new stake in shares of TEGNA during the 1st quarter worth about $183,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of TEGNA by 4.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 539,881 shares of the company’s stock valued at $9,837,000 after acquiring an additional 21,303 shares during the period. Finally, Jane Street Group LLC increased its stake in shares of TEGNA by 193.0% in the 1st quarter. Jane Street Group LLC now owns 573,255 shares of the company’s stock valued at $10,445,000 after purchasing an additional 377,578 shares in the last quarter. Institutional investors own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

TGNA has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. Zacks Research raised shares of TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.75.

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.