JPMorgan Chase & Co. Buys 65,720 Shares of TEGNA Inc. $TGNA

JPMorgan Chase & Co. raised its stake in TEGNA Inc. (NYSE:TGNA) by 11.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 625,632 shares of the company’s stock after buying an additional 65,720 shares during the quarter. JPMorgan Chase & Co.’s holdings in TEGNA were worth $12,719,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Magnetar Financial LLC lifted its position in shares of TEGNA by 6,587.9% during the third quarter. Magnetar Financial LLC now owns 4,140,181 shares of the company’s stock worth $84,170,000 after purchasing an additional 4,078,275 shares in the last quarter. Wasatch Advisors LP increased its holdings in shares of TEGNA by 5,517.6% in the second quarter. Wasatch Advisors LP now owns 3,242,220 shares of the company’s stock valued at $54,340,000 after purchasing an additional 3,184,505 shares in the last quarter. Gamco Investors INC. ET AL raised its position in TEGNA by 3.1% in the 2nd quarter. Gamco Investors INC. ET AL now owns 2,410,528 shares of the company’s stock worth $40,400,000 after purchasing an additional 72,339 shares during the last quarter. Boston Partners raised its position in TEGNA by 1.3% in the 2nd quarter. Boston Partners now owns 2,399,319 shares of the company’s stock worth $40,050,000 after purchasing an additional 30,229 shares during the last quarter. Finally, Pentwater Capital Management LP acquired a new position in TEGNA during the 3rd quarter worth $47,294,000. 92.19% of the stock is owned by institutional investors.

TEGNA Trading Up 9.3%

NYSE TGNA opened at $21.90 on Friday. TEGNA Inc. has a 12 month low of $14.87 and a 12 month high of $21.90. The stock has a 50-day simple moving average of $20.35 and a 200 day simple moving average of $20.02. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $3.55 billion, a PE ratio of 16.22 and a beta of 0.12.

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

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Tuesday, March 10th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 annualized dividend and a yield of 2.3%. TEGNA’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Ratings Changes

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

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.