Picton Mahoney Asset Management Buys Shares of 700,000 TEGNA Inc. $TGNA

Picton Mahoney Asset Management purchased a new stake in TEGNA Inc. (NYSE:TGNA) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 700,000 shares of the company’s stock, valued at approximately $14,231,000. Picton Mahoney Asset Management owned about 0.43% of TEGNA as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Financial Consulate Inc. acquired a new stake in TEGNA in the third quarter valued at about $29,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in TEGNA in the 2nd quarter valued at approximately $38,000. Federated Hermes Inc. boosted its position in TEGNA by 85.4% in the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock valued at $38,000 after buying an additional 853 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in TEGNA by 160.4% in the third quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock valued at $48,000 after buying an additional 1,464 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of TEGNA by 81.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,963 shares of the company’s stock worth $66,000 after buying an additional 1,781 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on TGNA. Zacks Research upgraded TEGNA from a “strong sell” rating to a “hold” rating in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TEGNA in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.75.

TEGNA Trading Up 0.1%

Shares of NYSE TGNA opened at $20.95 on Thursday. The firm has a 50 day moving average price of $19.73 and a two-hundred day moving average price of $20.02. The stock has a market cap of $3.39 billion, a P/E ratio of 15.52 and a beta of 0.12. TEGNA Inc. has a 52-week low of $14.87 and a 52-week high of $21.35. The company has a debt-to-equity ratio of 0.80, a quick ratio of 2.22 and a current ratio of 2.28.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Monday, March 2nd. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.05. The company had revenue of $706.11 million for the quarter, compared to analysts’ expectations of $701.29 million. TEGNA had a net margin of 8.11% and a return on equity of 8.60%. TEGNA’s revenue for the quarter was down 18.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.21 earnings per share. As a group, equities analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Tuesday, March 10th will be paid a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 annualized dividend and a dividend yield of 2.4%. TEGNA’s dividend payout ratio is presently 23.58%.

TEGNA Company Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.