Ameriprise Financial Inc. lessened its position in shares of Tegna Inc (NYSE:TGNA) by 17.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,357,621 shares of the company’s stock after selling 286,009 shares during the period. Ameriprise Financial Inc. owned about 0.63% of Tegna worth $18,099,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of TGNA. Synovus Financial Corp grew its holdings in Tegna by 4.4% during the 2nd quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock worth $148,000 after acquiring an additional 438 shares in the last quarter. FNY Partners Fund LP acquired a new position in Tegna during the 2nd quarter worth approximately $158,000. Quantbot Technologies LP acquired a new position in Tegna during the 3rd quarter worth approximately $169,000. Cambridge Investment Research Advisors Inc. grew its holdings in Tegna by 4.1% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 12,599 shares of the company’s stock worth $182,000 after acquiring an additional 499 shares in the last quarter. Finally, HPM Partners LLC grew its holdings in Tegna by 0.6% during the 2nd quarter. HPM Partners LLC now owns 12,764 shares of the company’s stock worth $184,000 after acquiring an additional 77 shares in the last quarter. Institutional investors own 99.89% of the company’s stock.
Several research analysts have commented on TGNA shares. FBR & Co reiterated a “hold” rating and set a $15.00 price target on shares of Tegna in a report on Wednesday, September 20th. BidaskClub cut shares of Tegna from a “sell” rating to a “strong sell” rating in a report on Tuesday, November 7th. ValuEngine upgraded shares of Tegna from a “buy” rating to a “strong-buy” rating in a report on Friday, December 1st. Zacks Investment Research upgraded shares of Tegna from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 13th. Finally, Noble Financial restated a “buy” rating on shares of Tegna in a report on Tuesday, November 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $17.88.
Tegna (NYSE:TGNA) last issued its earnings results on Wednesday, November 8th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.01. Tegna had a net margin of 11.10% and a return on equity of 20.50%. The business had revenue of $464.26 million during the quarter, compared to analysts’ expectations of $463.23 million. During the same quarter in the prior year, the business posted $0.65 EPS. The company’s revenue for the quarter was down 10.7% on a year-over-year basis. analysts expect that Tegna Inc will post 1.07 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 8th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 2.09%. The ex-dividend date of this dividend is Thursday, December 7th. Tegna’s payout ratio is 20.90%.
Tegna announced that its Board of Directors has authorized a share buyback program on Tuesday, September 19th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 11.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
In related news, SVP Clifton A. Mcclelland III sold 7,740 shares of the stock in a transaction on Wednesday, December 6th. The shares were sold at an average price of $13.69, for a total transaction of $105,960.60. Following the completion of the sale, the senior vice president now owns 32,335 shares in the company, valued at approximately $442,666.15. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Todd A. Mayman sold 36,830 shares of the stock in a transaction on Friday, November 10th. The stock was sold at an average price of $12.63, for a total transaction of $465,162.90. Following the sale, the executive vice president now owns 19,420 shares of the company’s stock, valued at approximately $245,274.60. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.
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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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