TEGNA (NYSE:TGNA) Trading Up 6.5% – Here’s Why

TEGNA Inc. (NYSE:TGNA)’s stock price shot up 6.5% on Thursday . The stock traded as high as $17.80 and last traded at $17.71. 1,039,279 shares traded hands during mid-day trading, a decline of 13% from the average session volume of 1,190,181 shares. The stock had previously closed at $16.63.

Wall Street Analyst Weigh In

TGNA has been the topic of several analyst reports. JPMorgan Chase & Co. upped their price target on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th. Benchmark upped their target price on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. Guggenheim reiterated a “buy” rating and set a $22.00 price target on shares of TEGNA in a report on Friday, January 24th. StockNews.com downgraded TEGNA from a “buy” rating to a “hold” rating in a research report on Friday. Finally, Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $21.75.

TEGNA Stock Up 1.3 %

The stock has a fifty day moving average price of $18.15 and a two-hundred day moving average price of $16.94. The company has a market cap of $2.93 billion, a price-to-earnings ratio of 6.42 and a beta of 0.52. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA’s dividend payout ratio (DPR) is 17.67%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in TGNA. Jones Financial Companies Lllp acquired a new stake in shares of TEGNA in the fourth quarter valued at approximately $27,000. Harbor Capital Advisors Inc. bought a new position in TEGNA during the 3rd quarter worth $28,000. Neo Ivy Capital Management acquired a new position in TEGNA in the 4th quarter valued at $28,000. Smartleaf Asset Management LLC raised its holdings in TEGNA by 95.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after acquiring an additional 832 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in shares of TEGNA by 80.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,683 shares of the company’s stock valued at $31,000 after acquiring an additional 749 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

About TEGNA

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.