Blue Trust Inc. Sells 18,787 Shares of TEGNA Inc. (NYSE:TGNA)

Blue Trust Inc. lessened its stake in TEGNA Inc. (NYSE:TGNA - Free Report) by 84.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,354 shares of the company's stock after selling 18,787 shares during the period. Blue Trust Inc.'s holdings in TEGNA were worth $61,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TGNA. GAMMA Investing LLC boosted its stake in shares of TEGNA by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company's stock worth $37,000 after acquiring an additional 757 shares during the last quarter. US Bancorp DE raised its holdings in TEGNA by 20.4% in the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company's stock worth $71,000 after purchasing an additional 764 shares during the period. Sanctuary Advisors LLC lifted its position in TEGNA by 7.4% during the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company's stock valued at $284,000 after purchasing an additional 1,239 shares in the last quarter. Covestor Ltd grew its holdings in TEGNA by 20.8% during the third quarter. Covestor Ltd now owns 8,852 shares of the company's stock valued at $140,000 after purchasing an additional 1,525 shares during the period. Finally, Harbor Capital Advisors Inc. purchased a new stake in TEGNA in the third quarter worth about $28,000. Hedge funds and other institutional investors own 92.19% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Guggenheim restated a "buy" rating and set a $22.00 target price on shares of TEGNA in a research note on Friday, January 24th. Benchmark raised their price target on TEGNA from $21.00 to $23.00 and gave the company a "buy" rating in a report on Friday, November 8th. JPMorgan Chase & Co. upped their price objective on TEGNA from $16.00 to $19.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 12th. StockNews.com upgraded TEGNA from a "hold" rating to a "buy" rating in a research report on Friday, December 13th. Finally, Wells Fargo & Company raised TEGNA from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, TEGNA currently has an average rating of "Moderate Buy" and an average price target of $21.75.

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TEGNA Price Performance

TEGNA stock traded up $0.23 during midday trading on Friday, reaching $18.17. 2,310,366 shares of the stock traded hands, compared to its average volume of 1,255,645. The stock has a market cap of $2.93 billion, a P/E ratio of 6.42 and a beta of 0.52. The stock's fifty day moving average is $18.16 and its 200-day moving average is $16.88. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62.

TEGNA Dividend Announcement

The firm 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 $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date is Friday, March 7th. TEGNA's dividend payout ratio (DPR) is presently 17.67%.

TEGNA Profile

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.