TEGNA Inc. Declares Quarterly Dividend of $0.07 (TGNA)
TEGNA Inc. (NYSE:TGNA) announced a quarterly dividend on Friday, November 3rd, Wall Street Journal reports. Stockholders of record on Friday, December 8th will be given a dividend of 0.07 per share on Tuesday, January 2nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Thursday, December 7th.
TEGNA has a payout ratio of 25.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect TEGNA to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 17.2%.
TEGNA (NYSE TGNA) traded down $0.59 during midday trading on Friday, hitting $11.78. The stock had a trading volume of 2,393,753 shares, compared to its average volume of 2,065,114. The stock has a market capitalization of $2,592.14, a PE ratio of 5.99 and a beta of 1.69.
TEGNA (NYSE:TGNA) last issued its earnings results on Tuesday, August 1st. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The business had revenue of $489.36 million during the quarter, compared to analysts’ expectations of $486.29 million. During the same period in the prior year, the business earned $0.50 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. equities research analysts forecast that TEGNA will post 1.09 earnings per share for the current year.
TGNA has been the topic of several recent analyst reports. Zacks Investment Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 13th. Guggenheim initiated coverage on TEGNA in a research report on Wednesday, October 18th. They set a “buy” rating and a $17.00 target price on the stock. TheStreet lowered TEGNA from a “b” rating to a “c+” rating in a research report on Thursday, July 13th. ValuEngine raised TEGNA from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, BidaskClub lowered TEGNA from a “hold” rating to a “sell” rating in a research report on Friday, October 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. TEGNA has an average rating of “Hold” and a consensus target price of $18.44.
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TEGNA declared that its board has approved a stock buyback program on Tuesday, September 19th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 11.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
TEGNA Company Profile
Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.
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