665,371 Shares in TEGNA Inc. (NYSE:TGNA) Purchased by Norges Bank

Norges Bank bought a new stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 665,371 shares of the company's stock, valued at approximately $12,170,000. Norges Bank owned approximately 0.41% of TEGNA at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Jones Financial Companies Lllp bought a new stake in TEGNA in the fourth quarter valued at $27,000. Smartleaf Asset Management LLC raised its stake in TEGNA by 95.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company's stock worth $31,000 after buying an additional 832 shares during the period. GAMMA Investing LLC boosted its holdings in TEGNA by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company's stock worth $37,000 after acquiring an additional 757 shares in the last quarter. Sound Income Strategies LLC acquired a new stake in TEGNA in the fourth quarter valued at approximately $57,000. Finally, Quarry LP increased its stake in TEGNA by 455.2% during the 3rd quarter. Quarry LP now owns 4,025 shares of the company's stock valued at $64,000 after purchasing an additional 3,300 shares in the last quarter. Institutional investors and hedge funds own 92.19% of the company's stock.

TEGNA Stock Down 2.8 %

TEGNA stock traded down $0.45 during midday trading on Friday, hitting $15.43. 1,718,156 shares of the stock were exchanged, compared to its average volume of 2,013,028. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 5.45 and a beta of 0.25. TEGNA Inc. has a 52-week low of $12.35 and a 52-week high of $19.62. The business's 50-day moving average price is $17.71 and its 200-day moving average price is $17.67.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Friday, March 7th. TEGNA's dividend payout ratio is presently 14.12%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TGNA shares. Wells Fargo & Company raised shares of TEGNA from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. StockNews.com downgraded TEGNA from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Guggenheim cut their target price on TEGNA from $22.00 to $20.00 and set a "buy" rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $21.25.

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.