HighTower Advisors LLC Grows Stock Position in TEGNA Inc. (NYSE:TGNA)

HighTower Advisors LLC increased its position in TEGNA Inc. (NYSE:TGNA - Free Report) by 161.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,834 shares of the company's stock after acquiring an additional 46,806 shares during the quarter. HighTower Advisors LLC's holdings in TEGNA were worth $1,387,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC purchased a new stake in TEGNA in the 4th quarter worth $230,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of TEGNA by 17.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,048 shares of the company's stock worth $824,000 after purchasing an additional 6,565 shares in the last quarter. Capital Management Corp VA raised its stake in TEGNA by 4.8% during the 4th quarter. Capital Management Corp VA now owns 760,590 shares of the company's stock valued at $13,911,000 after purchasing an additional 34,785 shares during the period. PNC Financial Services Group Inc. lifted its holdings in TEGNA by 34.2% in 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 in the last quarter. Finally, Raymond James Financial Inc. bought a new position in TEGNA in the 4th quarter worth approximately $2,375,000. Institutional investors own 92.19% of the company's stock.

TEGNA Price Performance

TGNA traded down $0.20 during trading hours on Friday, hitting $18.10. The company's stock had a trading volume of 1,450,090 shares, compared to its average volume of 1,977,225. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of 6.39 and a beta of 0.45. The business's 50-day moving average price is $18.03 and its 200-day moving average price is $17.50. 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 Inc. has a 12 month low of $12.35 and a 12 month high of $19.62.

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TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.76%. The ex-dividend date is Friday, March 7th. TEGNA's dividend payout ratio is 14.12%.

Wall Street Analyst Weigh In

TGNA has been the subject of a number of research reports. Wells Fargo & Company upgraded shares of TEGNA from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $21.00 to $23.00 in a research report on Thursday, December 19th. Guggenheim restated a "buy" rating and set a $22.00 price objective on shares of TEGNA in a research report on Friday, January 24th. Finally, StockNews.com cut TEGNA from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $21.75.

TEGNA Company 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.