Bank of America Corp DE Decreases Stake in Tribune Media Company (TRCO)
Bank of America Corp DE decreased its stake in Tribune Media Company (NYSE:TRCO) by 27.4% during the first quarter, Holdings Channel reports. The fund owned 39,877 shares of the company’s stock after selling 15,014 shares during the period. Bank of America Corp DE’s holdings in Tribune Media were worth $1,486,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the company. BlackRock Inc. raised its stake in Tribune Media by 10,758.5% in the first quarter. BlackRock Inc. now owns 3,059,287 shares of the company’s stock valued at $114,020,000 after buying an additional 3,031,113 shares during the last quarter. Morgan Stanley raised its stake in Tribune Media by 59.6% in the first quarter. Morgan Stanley now owns 2,811,082 shares of the company’s stock valued at $104,769,000 after buying an additional 1,049,539 shares during the last quarter. Dimensional Fund Advisors LP acquired a new stake in Tribune Media during the first quarter valued at approximately $32,630,000. MARSHALL WACE ASIA Ltd acquired a new stake in Tribune Media during the first quarter valued at approximately $25,152,000. Finally, Marshall Wace North America L.P. acquired a new stake in Tribune Media during the first quarter valued at approximately $25,152,000.
Shares of Tribune Media Company (NYSE TRCO) traded down 0.188% on Wednesday, reaching $39.735. 1,164,587 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $41.11 and a 200-day moving average price of $38.23. The company has a market cap of $3.47 billion, a PE ratio of 71.595 and a beta of 1.52. Tribune Media Company has a 12-month low of $27.75 and a 12-month high of $43.04.
Tribune Media (NYSE:TRCO) last released its quarterly earnings results on Wednesday, August 9th. The company reported $0.36 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by $0.07. Tribune Media had a net margin of 2.49% and a return on equity of 4.38%. The firm had revenue of $469.50 million during the quarter, compared to the consensus estimate of $472.56 million. During the same quarter in the prior year, the business posted $0.52 earnings per share. The firm’s quarterly revenue was down 2.1% on a year-over-year basis. Equities research analysts anticipate that Tribune Media Company will post $1.31 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 5th. Stockholders of record on Monday, August 21st will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend is Thursday, August 17th. Tribune Media’s dividend payout ratio is currently 204.08%.
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TRCO has been the topic of several research reports. Gabelli lowered shares of Tribune Media from a “buy” rating to a “sell” rating in a research note on Tuesday, May 9th. Wells Fargo & Company cut shares of Tribune Media from an “outperform” rating to a “market perform” rating in a report on Thursday, April 20th. BWS Financial decreased their target price on shares of Tribune Media from $54.00 to $48.00 and set a “buy” rating for the company in a report on Monday, May 1st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $47.00 target price (up from $36.00) on shares of Tribune Media in a report on Thursday, May 11th. Finally, Zacks Investment Research cut shares of Tribune Media from a “hold” rating to a “strong sell” rating in a report on Thursday, July 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Tribune Media has an average rating of “Hold” and a consensus target price of $44.50.
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