Tegna Inc (TGNA) Shares Sold by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. reduced its position in Tegna Inc (NYSE:TGNA) by 29.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 194,396 shares of the company’s stock after selling 80,708 shares during the period. PNC Financial Services Group Inc.’s holdings in Tegna were worth $4,980,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of TGNA. State Street Corp boosted its position in shares of Tegna by 3.3% in the fourth quarter. State Street Corp now owns 9,639,143 shares of the company’s stock worth $206,184,000 after buying an additional 311,605 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tegna by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,775,687 shares of the company’s stock worth $102,156,000 after buying an additional 158,844 shares in the last quarter. Pinnacle Associates Ltd. boosted its position in shares of Tegna by 18.9% in the first quarter. Pinnacle Associates Ltd. now owns 3,972,309 shares of the company’s stock worth $101,771,000 after buying an additional 630,259 shares in the last quarter. Norges Bank bought a new position in shares of Tegna during the fourth quarter worth $49,159,000. Finally, Schroder Investment Management Group boosted its position in shares of Tegna by 9.3% in the first quarter. Schroder Investment Management Group now owns 2,076,776 shares of the company’s stock worth $53,705,000 after buying an additional 176,474 shares in the last quarter. 85.01% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Tegna Inc (TGNA) traded up 0.28% during midday trading on Friday, hitting $14.24. The stock had a trading volume of 2,835,204 shares. The company has a market capitalization of $3.06 billion, a PE ratio of 7.60 and a beta of 1.69. The firm’s 50-day moving average is $22.60 and its 200 day moving average is $23.44. Tegna Inc has a one year low of $14.02 and a one year high of $26.65.
Tegna (NYSE:TGNA) last announced its quarterly earnings data on Tuesday, May 9th. The company reported $0.33 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.33. The company had revenue of $778.50 million for the quarter, compared to the consensus estimate of $799.54 million. Tegna had a return on equity of 10.15% and a net margin of 8.21%. The firm’s revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. Equities analysts expect that Tegna Inc will post $1.42 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Friday, June 9th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date of this dividend is Wednesday, June 7th. Tegna’s dividend payout ratio is 26.67%.
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Several research firms have weighed in on TGNA. FBR & Co reaffirmed a “buy” rating and set a $30.00 target price on shares of Tegna in a research note on Wednesday, March 8th. Jefferies Group LLC reaffirmed a “hold” rating and set a $16.00 target price on shares of Tegna in a research note on Thursday, June 1st. Barclays PLC reaffirmed an “underweight” rating and set a $13.00 target price (down previously from $20.00) on shares of Tegna in a research note on Monday. Wells Fargo & Co reaffirmed an “outperform” rating and set a $16.50 target price on shares of Tegna in a research note on Thursday, June 1st. Finally, Zacks Investment Research cut Tegna from a “hold” rating to a “strong sell” rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Tegna presently has a consensus rating of “Hold” and an average target price of $24.85.
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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