Creative Planning Sells 5,757 Shares of TEGNA Inc. $TGNA

Creative Planning trimmed its stake in shares of TEGNA Inc. (NYSE:TGNA) by 9.0% in the second quarter, Holdings Channel.com reports. The fund owned 57,915 shares of the company’s stock after selling 5,757 shares during the quarter. Creative Planning’s holdings in TEGNA were worth $971,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TGNA. Public Sector Pension Investment Board lifted its position in shares of TEGNA by 48.7% in the 1st quarter. Public Sector Pension Investment Board now owns 596,868 shares of the company’s stock worth $10,875,000 after purchasing an additional 195,396 shares during the period. Jupiter Asset Management Ltd. acquired a new position in TEGNA in the first quarter valued at $5,371,000. Deutsche Bank AG lifted its holdings in TEGNA by 383.6% in the first quarter. Deutsche Bank AG now owns 756,941 shares of the company’s stock valued at $13,791,000 after buying an additional 600,407 shares during the period. Measured Wealth Private Client Group LLC bought a new stake in TEGNA during the first quarter valued at $405,000. Finally, FORA Capital LLC acquired a new stake in TEGNA during the 1st quarter worth about $228,000. 92.19% of the stock is owned by institutional investors and hedge funds.

TEGNA Price Performance

TGNA opened at $19.52 on Monday. The firm’s fifty day moving average price is $20.01 and its two-hundred day moving average price is $18.78. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 7.02 and a beta of 0.25. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.47 and a quick ratio of 1.47. TEGNA Inc. has a 1 year low of $14.87 and a 1 year high of $21.35.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, November 10th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The firm had revenue of $650.79 million for the quarter, compared to the consensus estimate of $658.28 million. During the same period in the previous year, the business earned $0.94 earnings per share. The firm’s revenue for the quarter was down 19.3% on a year-over-year basis. As a group, analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 5th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, December 5th. TEGNA’s dividend payout ratio (DPR) is presently 23.58%.

Wall Street Analysts Forecast Growth

TGNA has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of TEGNA in a research note on Monday, November 24th. Wells Fargo & Company lowered TEGNA from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 23rd. Guggenheim reaffirmed a “neutral” rating and set a $19.00 price objective on shares of TEGNA in a research report on Friday, August 22nd. Finally, Zacks Research lowered shares of TEGNA from a “hold” rating to a “strong sell” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $19.75.

TEGNA Company Profile

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.