AE Wealth Management LLC Takes $404,000 Position in TEGNA Inc. (NYSE:TGNA)
AE Wealth Management LLC purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 37,165 shares of the company’s stock, valued at approximately $404,000.
Several other institutional investors and hedge funds also recently made changes to their positions in TGNA. Amundi Pioneer Asset Management Inc. increased its position in shares of TEGNA by 201.3% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 51,221 shares of the company’s stock valued at $722,000 after buying an additional 34,221 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of TEGNA by 2.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 56,520 shares of the company’s stock worth $943,000 after purchasing an additional 1,220 shares in the last quarter. State of Michigan Retirement System grew its holdings in shares of TEGNA by 4,180.6% during the fourth quarter. State of Michigan Retirement System now owns 2,692,500 shares of the company’s stock worth $44,938,000 after purchasing an additional 2,629,600 shares in the last quarter. HGK Asset Management Inc. grew its holdings in shares of TEGNA by 27.2% during the fourth quarter. HGK Asset Management Inc. now owns 49,709 shares of the company’s stock worth $830,000 after purchasing an additional 10,615 shares in the last quarter. Finally, Virginia Retirement Systems ET AL grew its holdings in shares of TEGNA by 99.0% during the fourth quarter. Virginia Retirement Systems ET AL now owns 60,900 shares of the company’s stock worth $1,016,000 after purchasing an additional 30,300 shares in the last quarter. Hedge funds and other institutional investors own 96.60% of the company’s stock.
Several research analysts have recently commented on TGNA shares. TheStreet lowered TEGNA from a “b-” rating to a “c+” rating in a report on Friday, April 17th. Cfra cut their price objective on TEGNA from $19.00 to $12.00 and set a “hold” rating for the company in a report on Friday, May 8th. Wells Fargo & Co boosted their price objective on TEGNA from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Monday, May 11th. Zacks Investment Research lowered TEGNA from a “buy” rating to a “hold” rating and set a $13.00 price objective for the company. in a report on Wednesday, April 8th. Finally, JPMorgan Chase & Co. cut their price objective on TEGNA from $19.00 to $13.00 and set a “neutral” rating for the company in a report on Monday, April 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $15.56.
TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, May 7th. The company reported $0.43 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.43. The business had revenue of $684.20 million during the quarter, compared to analyst estimates of $684.00 million. TEGNA had a return on equity of 21.17% and a net margin of 12.10%. TEGNA’s revenue for the quarter was up 32.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 earnings per share. On average, equities analysts anticipate that TEGNA Inc. will post 1.8 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Thursday, June 4th. TEGNA’s dividend payout ratio (DPR) is presently 20.29%.
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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