City Center Advisors LLC Cuts Stake in TEGNA Inc. (NYSE:TGNA)

City Center Advisors LLC lowered its position in shares of TEGNA Inc. (NYSE:TGNA) by 19.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,592 shares of the company’s stock after selling 3,636 shares during the quarter. City Center Advisors LLC’s holdings in TEGNA were worth $268,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its position in TEGNA by 80.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company’s stock worth $31,000 after buying an additional 749 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of TEGNA by 95.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock worth $31,000 after purchasing an additional 832 shares during the period. Pictet Asset Management Holding SA grew its stake in shares of TEGNA by 4.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company’s stock worth $424,000 after purchasing an additional 910 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of TEGNA by 34.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company’s stock worth $80,000 after purchasing an additional 1,111 shares during the period. Finally, Integrated Advisors Network LLC grew its stake in shares of TEGNA by 7.9% during the 4th quarter. Integrated Advisors Network LLC now owns 16,040 shares of the company’s stock worth $293,000 after purchasing an additional 1,171 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TGNA shares. JPMorgan Chase & Co. lowered their price target on shares of TEGNA from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 21st. Wells Fargo & Company lowered their price target on shares of TEGNA from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. Benchmark lowered their price target on shares of TEGNA from $21.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Wall Street Zen cut shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Finally, Guggenheim upped their price target on shares of TEGNA from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $20.25.

TEGNA Price Performance

Shares of NYSE TGNA opened at $16.40 on Friday. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 5.79 and a beta of 0.30. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62. The company’s 50-day moving average price is $16.54 and its 200 day moving average price is $17.65. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.03. The firm had revenue of $680.05 million for the quarter, compared to analysts’ expectations of $677.24 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm’s revenue was down 4.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.45 EPS. As a group, research analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Friday, June 6th will be paid a $0.125 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.50 dividend on an annualized basis and a yield of 3.05%. TEGNA’s payout ratio is 17.61%.

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.