Assenagon Asset Management S.A. Has $2.23 Million Stake in TEGNA Inc. (NYSE:TGNA)

Assenagon Asset Management S.A. increased its position in shares of TEGNA Inc. (NYSE:TGNAFree Report) by 26.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,942 shares of the company’s stock after buying an additional 31,579 shares during the period. Assenagon Asset Management S.A.’s holdings in TEGNA were worth $2,225,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TGNA. Mirae Asset Global Investments Co. Ltd. increased its holdings in TEGNA by 58.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 236,781 shares of the company’s stock worth $3,450,000 after buying an additional 86,873 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in TEGNA by 1,022.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 57,799 shares of the company’s stock worth $842,000 after buying an additional 52,650 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in TEGNA by 152.9% during the third quarter. Teacher Retirement System of Texas now owns 537,092 shares of the company’s stock worth $7,825,000 after buying an additional 324,724 shares during the last quarter. California Public Employees Retirement System boosted its position in TEGNA by 6.1% during the third quarter. California Public Employees Retirement System now owns 1,260,801 shares of the company’s stock worth $18,370,000 after purchasing an additional 72,469 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in TEGNA by 925.4% during the third quarter. EverSource Wealth Advisors LLC now owns 3,630 shares of the company’s stock worth $53,000 after purchasing an additional 3,276 shares during the period. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO David T. Lougee sold 43,750 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $14.70, for a total value of $643,125.00. Following the completion of the sale, the chief executive officer now owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO David T. Lougee sold 43,750 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $14.70, for a total transaction of $643,125.00. Following the completion of the sale, the chief executive officer now owns 725,651 shares of the company’s stock, valued at $10,667,069.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David T. Lougee sold 32,813 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $15.04, for a total transaction of $493,507.52. Following the sale, the chief executive officer now directly owns 692,838 shares of the company’s stock, valued at approximately $10,420,283.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 130,656 shares of company stock valued at $1,990,220. 0.88% of the stock is owned by company insiders.

TEGNA Stock Performance

TGNA stock traded down $0.09 during midday trading on Tuesday, reaching $14.53. 1,471,556 shares of the company were exchanged, compared to its average volume of 2,126,327. The business has a 50-day moving average price of $14.34 and a two-hundred day moving average price of $14.87. The firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of 5.08 and a beta of 0.50. TEGNA Inc. has a one year low of $13.18 and a one year high of $17.37. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.53 and a quick ratio of 2.53.

TEGNA (NYSE:TGNAGet Free Report) last announced its earnings results on Wednesday, May 8th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $714.30 million during the quarter, compared to analysts’ expectations of $718.86 million. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. TEGNA’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.47 earnings per share. Equities research analysts forecast that TEGNA Inc. will post 3.11 EPS for the current year.

TEGNA Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend is Friday, June 7th. This is a boost from TEGNA’s previous quarterly dividend of $0.11. TEGNA’s payout ratio is presently 16.08%.

Analyst Ratings Changes

A number of research firms have commented on TGNA. Benchmark reduced their price objective on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating for the company in a research report on Friday, March 1st. JPMorgan Chase & Co. reduced their price objective on shares of TEGNA from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Friday, March 1st. Finally, Wells Fargo & Company reduced their price objective on shares of TEGNA from $17.00 to $15.00 and set an “equal weight” rating for the company in a research report on Friday, February 9th.

Check Out Our Latest Research Report on TEGNA

About TEGNA

(Free Report)

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.

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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