Brokerages Set TEGNA Inc. (NYSE:TGNA) Price Target at $19.75

Shares of TEGNA Inc. (NYSE:TGNA) have been assigned an average rating of “Hold” from the six research firms that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $19.75.

TGNA has been the topic of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research 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.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. New York Life Investment Management LLC acquired a new stake in TEGNA in the third quarter valued at $6,936,000. Neuberger Berman Group LLC grew its holdings in TEGNA by 60.4% during the 2nd quarter. Neuberger Berman Group LLC now owns 37,414 shares of the company’s stock worth $627,000 after acquiring an additional 14,094 shares in the last quarter. Angelo Gordon & CO. L.P. acquired a new position in TEGNA during the 3rd quarter worth $1,321,000. Lee Danner & Bass Inc. increased its position in shares of TEGNA by 25.7% in the 3rd quarter. Lee Danner & Bass Inc. now owns 334,815 shares of the company’s stock worth $6,807,000 after purchasing an additional 68,520 shares during the last quarter. Finally, Alberta Investment Management Corp bought a new stake in shares of TEGNA in the 3rd quarter worth about $1,615,000. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Stock Up 9.3%

Shares of NYSE TGNA opened at $21.90 on Friday. TEGNA has a 12-month low of $14.87 and a 12-month high of $21.90. The company has a market cap of $3.55 billion, a P/E ratio of 16.22 and a beta of 0.12. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.80. The stock has a fifty day moving average price of $20.59 and a 200 day moving average price of $20.05.

TEGNA (NYSE:TGNA) last released its quarterly earnings data on Monday, March 2nd. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.45 by $0.05. The company had revenue of $706.11 million for the quarter, compared to analyst estimates of $701.29 million. TEGNA had a return on equity of 8.60% and a net margin of 8.11%.The firm’s revenue was down 18.9% compared to the same quarter last year. During the same period last year, the company posted $1.21 earnings per share. Research analysts anticipate that TEGNA will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 10th were paid a dividend of $0.125 per share. The ex-dividend date was Tuesday, March 10th. This represents a $0.50 annualized dividend and a dividend yield of 2.3%. TEGNA’s dividend payout ratio (DPR) is currently 37.04%.

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.