JPMorgan Chase & Co. Cuts Stake in TEGNA Inc. (NYSE:TGNA)

JPMorgan Chase & Co. lessened its holdings in shares of TEGNA Inc. (NYSE:TGNA - Free Report) by 36.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 284,578 shares of the company's stock after selling 163,743 shares during the period. JPMorgan Chase & Co. owned approximately 0.18% of TEGNA worth $4,491,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. lifted its position in TEGNA by 26.2% during the 3rd quarter. Principal Financial Group Inc. now owns 891,488 shares of the company's stock worth $14,068,000 after acquiring an additional 184,845 shares during the period. World Investment Advisors LLC acquired a new position in TEGNA in the 3rd quarter worth about $528,000. Sanctuary Advisors LLC lifted its position in shares of TEGNA by 7.4% during the 3rd quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company's stock valued at $284,000 after buying an additional 1,239 shares in the last quarter. Sculati Wealth Management LLC grew its position in shares of TEGNA by 11.6% in the third quarter. Sculati Wealth Management LLC now owns 51,435 shares of the company's stock valued at $768,000 after purchasing an additional 5,330 shares during the period. Finally, Geode Capital Management LLC increased its stake in TEGNA by 5.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company's stock worth $77,422,000 after buying an additional 238,696 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

TEGNA Stock Down 0.8 %

Shares of NYSE:TGNA traded down $0.15 during trading hours on Friday, reaching $17.93. The stock had a trading volume of 976,301 shares, compared to its average volume of 1,367,678. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The firm's 50 day moving average is $18.42 and its 200-day moving average is $16.27. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 6.33 and a beta of 0.52. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA (NYSE:TGNA - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.83 by $0.11. The company had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm's revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 earnings per share. Research analysts predict that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend was Friday, December 6th. TEGNA's payout ratio is currently 17.67%.

Insider Buying and Selling at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $16.40, for a total transaction of $410,000.00. Following the completion of the transaction, the chief operating officer now directly owns 154,617 shares of the company's stock, valued at approximately $2,535,718.80. This represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on TGNA. JPMorgan Chase & Co. increased their target price on shares of TEGNA from $16.00 to $19.00 and gave the company a "neutral" rating in a research report on Tuesday, November 12th. Benchmark upped their price target on TEGNA from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Friday, November 8th. StockNews.com raised shares of TEGNA from a "hold" rating to a "buy" rating in a research report on Friday, December 13th. Finally, Wells Fargo & Company upgraded shares of 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 research note on Thursday, December 19th.

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.