RBA Wealth Management LLC boosted its position in TEGNA Inc. (NYSE:TGNA – Get Rating) by 0.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,569 shares of the company's stock after purchasing an additional 1,748 shares during the quarter. TEGNA comprises 2.4% of RBA Wealth Management LLC's investment portfolio, making the stock its 9th biggest position. RBA Wealth Management LLC owned about 0.09% of TEGNA worth $4,353,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Prospera Financial Services Inc purchased a new stake in TEGNA in the 1st quarter worth approximately $29,000. Steward Financial Group LLC purchased a new stake in shares of TEGNA during the 1st quarter valued at $33,000. Covestor Ltd purchased a new stake in shares of TEGNA during the 4th quarter valued at $34,000. Atlas Capital Advisors LLC raised its position in shares of TEGNA by 149.4% during the 1st quarter. Atlas Capital Advisors LLC now owns 2,494 shares of the company's stock valued at $56,000 after buying an additional 1,494 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of TEGNA during the 1st quarter valued at $83,000. 90.25% of the stock is currently owned by hedge funds and other institutional investors.
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TEGNA Trading Up 0.6 %
TEGNA stock traded up $0.14 during trading hours on Friday, reaching $21.68. The stock had a trading volume of 1,578,122 shares, compared to its average volume of 809,961. The stock has a market cap of $4.84 billion, a PE ratio of 9.23 and a beta of 0.78. TEGNA Inc. has a 52 week low of $17.94 and a 52 week high of $23.04. The company has a debt-to-equity ratio of 1.12, a current ratio of 2.39 and a quick ratio of 2.39. The company has a fifty day simple moving average of $21.19 and a 200-day simple moving average of $21.56.
TEGNA (NYSE:TGNA – Get Rating) last posted its earnings results on Monday, August 8th. The company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.56 by $0.04. TEGNA had a net
margin of 16.94% and a return on equity of 20.18%. The firm had revenue of $784.90 million during the quarter, compared to analysts' expectations of $800.78 million. During the same period last year, the company posted $0.50 EPS. The company's quarterly revenue was up 7.1% compared to the same quarter last year. Analysts forecast that TEGNA Inc. will post 3 EPS for the current fiscal year.
TEGNA Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 9th will be given a $0.095 dividend. The ex-dividend date of this dividend is Thursday, September 8th. This represents a $0.38 annualized dividend and a dividend yield of 1.75%. TEGNA's dividend payout ratio is 16.17%.
Wall Street Analyst Weigh In
Several equities analysts recently commented on TGNA shares. Huber Research raised shares of TEGNA from an "underweight" rating to an "overweight" rating in a report on Monday, June 6th. StockNews.com raised shares of TEGNA from a "hold" rating to a "buy" rating in a report on Monday, September 12th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, TEGNA has a consensus rating of "Hold" and an average price target of $23.50.
About TEGNA
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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.
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