Hillsdale Investment Management Inc. Acquires 225,400 Shares of TEGNA Inc. (NYSE:TGNA)

Hillsdale Investment Management Inc. raised its stake in TEGNA Inc. (NYSE:TGNA) by 13,258.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,100 shares of the company’s stock after acquiring an additional 225,400 shares during the quarter. Hillsdale Investment Management Inc. owned about 0.14% of TEGNA worth $4,154,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of TGNA. Quantbot Technologies LP raised its stake in shares of TEGNA by 288.0% during the fourth quarter. Quantbot Technologies LP now owns 32,783 shares of the company’s stock worth $600,000 after buying an additional 24,333 shares during the last quarter. Teacher Retirement System of Texas grew its stake in TEGNA by 84.8% in the fourth quarter. Teacher Retirement System of Texas now owns 205,660 shares of the company’s stock valued at $3,762,000 after acquiring an additional 94,356 shares during the period. Harvest Fund Management Co. Ltd bought a new stake in shares of TEGNA in the fourth quarter worth about $445,000. Xponance Inc. raised its position in shares of TEGNA by 15.5% during the fourth quarter. Xponance Inc. now owns 12,840 shares of the company’s stock worth $235,000 after purchasing an additional 1,720 shares during the period. Finally, Cibc World Markets Corp acquired a new position in shares of TEGNA in the 4th quarter valued at approximately $283,000. 92.19% of the stock is owned by institutional investors.

TEGNA Trading Down 1.4 %

Shares of NYSE:TGNA opened at $18.53 on Friday. The company’s 50-day moving average price is $17.99 and its two-hundred day moving average price is $17.36. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The stock has a market capitalization of $2.96 billion, a PE ratio of 6.55 and a beta of 0.45.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be issued a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.50 annualized dividend and a yield of 2.70%. TEGNA’s payout ratio is presently 14.12%.

Wall Street Analyst Weigh In

Several brokerages have commented on TGNA. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Wells Fargo & Company raised shares of TEGNA from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. Finally, Guggenheim reiterated a “buy” rating and set a $22.00 target price on shares of TEGNA in a report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.75.

About TEGNA

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.