TEGNA Inc. $TGNA Shares Sold by Cambria Investment Management L.P.

Cambria Investment Management L.P. lowered its position in TEGNA Inc. (NYSE:TGNA) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 496,434 shares of the company’s stock after selling 26,332 shares during the quarter. Cambria Investment Management L.P.’s holdings in TEGNA were worth $10,093,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Financial Consulate Inc. purchased a new position in shares of TEGNA during the third quarter worth 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. Smartleaf Asset Management LLC raised its position in TEGNA by 160.4% in the 3rd quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock valued at $48,000 after purchasing an additional 1,464 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in TEGNA during the 3rd quarter worth $51,000. Finally, PenderFund Capital Management Ltd. acquired a new stake in TEGNA during the 3rd quarter worth $59,000. 92.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on TGNA shares. Weiss Ratings restated a “hold (c)” rating on shares of TEGNA in a research note on Monday, December 29th. Zacks Research upgraded shares of TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $19.75.

TEGNA Trading Down 0.4%

Shares of TGNA stock opened at $20.29 on Thursday. The business’s fifty day moving average price is $19.97 and its 200 day moving average price is $19.99. TEGNA Inc. has a 1-year low of $14.87 and a 1-year high of $21.35. The firm has a market capitalization of $3.29 billion, a PE ratio of 15.03 and a beta of 0.12. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.28 and a quick ratio of 2.28.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.05. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The firm had revenue of $706.11 million during the quarter, compared to analysts’ expectations of $701.29 million. During the same quarter in the prior year, the business posted $1.21 earnings per share. TEGNA’s revenue was down 18.9% compared to the same quarter last year. As a group, sell-side analysts forecast that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 10th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, March 10th. TEGNA’s dividend payout ratio (DPR) is currently 37.04%.

TEGNA Profile

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.