Raymond James Financial Inc. Takes $2.38 Million Position in TEGNA Inc. (NYSE:TGNA)

Raymond James Financial Inc. bought a new stake in shares of TEGNA Inc. (NYSE:TGNA - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 129,846 shares of the company's stock, valued at approximately $2,375,000. Raymond James Financial Inc. owned approximately 0.08% of TEGNA as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. State Street Corp boosted its stake in TEGNA by 3.5% in the 3rd quarter. State Street Corp now owns 8,194,619 shares of the company's stock worth $129,991,000 after purchasing an additional 276,699 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of TEGNA by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company's stock valued at $77,422,000 after buying an additional 238,696 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in TEGNA by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,873,167 shares of the company's stock worth $34,260,000 after acquiring an additional 93,894 shares during the last quarter. Principal Financial Group Inc. lifted its position in TEGNA by 2.3% in the 4th quarter. Principal Financial Group Inc. now owns 911,617 shares of the company's stock valued at $16,673,000 after acquiring an additional 20,129 shares in the last quarter. Finally, Public Sector Pension Investment Board purchased a new stake in TEGNA during the 3rd quarter valued at $5,539,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

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

TEGNA Stock Performance

Shares of NYSE TGNA traded up $0.43 during midday trading on Wednesday, hitting $18.96. 2,574,266 shares of the company's stock traded hands, compared to its average volume of 1,981,029. 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 stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of 6.70 and a beta of 0.25. The firm has a fifty day moving average of $18.08 and a 200 day moving average of $17.62. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62.

TEGNA Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Friday, March 7th. TEGNA's payout ratio is 14.12%.

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.