Picton Mahoney Asset Management Buys Shares of 700,000 TEGNA Inc. $TGNA

Picton Mahoney Asset Management purchased a new position in shares of TEGNA Inc. (NYSE:TGNA) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 700,000 shares of the company’s stock, valued at approximately $14,231,000.

A number of other institutional investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC increased its position in shares of TEGNA by 13.0% during the third quarter. EverSource Wealth Advisors LLC now owns 4,480 shares of the company’s stock worth $91,000 after buying an additional 517 shares during the period. PNC Financial Services Group Inc. boosted its position in TEGNA by 12.7% during the third quarter. PNC Financial Services Group Inc. now owns 5,810 shares of the company’s stock valued at $118,000 after acquiring an additional 653 shares during the last quarter. Arizona State Retirement System grew its holdings in TEGNA by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 47,560 shares of the company’s stock worth $967,000 after acquiring an additional 657 shares during the period. Parkside Financial Bank & Trust raised its position in shares of TEGNA by 12.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 6,295 shares of the company’s stock worth $106,000 after acquiring an additional 706 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in shares of TEGNA by 2.3% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 36,978 shares of the company’s stock valued at $620,000 after purchasing an additional 838 shares during the period. 92.19% of the stock is owned by institutional investors.

TEGNA Stock Performance

Shares of TEGNA stock opened at $20.95 on Thursday. The business has a 50-day simple moving average of $19.73 and a 200 day simple moving average of $20.02. TEGNA Inc. has a one year low of $14.87 and a one year high of $21.35. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.28 and a quick ratio of 2.22. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 15.52 and a beta of 0.12.

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

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 10th will be given a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 annualized dividend and a yield of 2.4%. TEGNA’s dividend payout ratio (DPR) is presently 23.58%.

Wall Street Analyst Weigh In

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

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.