Lee Danner & Bass Inc. Sells 9,925 Shares of TEGNA Inc. (NYSE:TGNA)

Lee Danner & Bass Inc. decreased its holdings in TEGNA Inc. (NYSE:TGNA) by 3.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 300,870 shares of the company’s stock after selling 9,925 shares during the quarter. Lee Danner & Bass Inc.’s holdings in TEGNA were worth $5,503,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Jones Financial Companies Lllp bought a new position in TEGNA during the fourth quarter valued at approximately $27,000. Smartleaf Asset Management LLC boosted its stake in TEGNA by 95.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after buying an additional 832 shares during the last quarter. GAMMA Investing LLC boosted its stake in TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after buying an additional 757 shares during the last quarter. Sound Income Strategies LLC bought a new position in TEGNA during the fourth quarter valued at approximately $57,000. Finally, Quarry LP boosted its stake in TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after buying an additional 3,300 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

TEGNA Price Performance

NYSE:TGNA opened at $18.79 on Friday. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 6.64 and a beta of 0.45. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62. The business has a 50 day simple moving average of $17.98 and a 200-day simple moving average of $17.30. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.66%. The ex-dividend date is Friday, March 7th. TEGNA’s payout ratio is 14.12%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. StockNews.com lowered TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Guggenheim reissued a “buy” rating and set a $22.00 price target on shares of TEGNA in a research note on Friday, January 24th. 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 note on Thursday, December 19th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.75.

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.