TEGNA Inc. (NYSE:TGNA) Stake Boosted by Vestcor Inc

Vestcor Inc increased its stake in TEGNA Inc. (NYSE:TGNA) by 1,963.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,395 shares of the company’s stock after purchasing an additional 12,746 shares during the period. Vestcor Inc’s holdings in TEGNA were worth $245,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. CIBC Asset Management Inc bought a new stake in TEGNA in the third quarter valued at $260,000. Thrivent Financial for Lutherans lifted its position in TEGNA by 217.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 129,912 shares of the company’s stock valued at $2,050,000 after purchasing an additional 88,932 shares during the last quarter. Segall Bryant & Hamill LLC boosted its stake in TEGNA by 0.7% during the 3rd quarter. Segall Bryant & Hamill LLC now owns 353,586 shares of the company’s stock valued at $5,580,000 after purchasing an additional 2,599 shares during the period. Advisors Asset Management Inc. grew its position in TEGNA by 194.9% in the 3rd quarter. Advisors Asset Management Inc. now owns 10,262 shares of the company’s stock worth $162,000 after purchasing an additional 6,782 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in shares of TEGNA by 179.6% in the third quarter. Intech Investment Management LLC now owns 72,661 shares of the company’s stock valued at $1,147,000 after purchasing an additional 46,678 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Stock Performance

TGNA opened at $17.83 on Tuesday. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $19.62. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of 6.30 and a beta of 0.45. The business has a 50 day moving average price of $17.96 and a two-hundred day moving average price of $17.25. 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 company also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be paid a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, March 7th. This represents a $0.50 annualized dividend and a yield of 2.80%. TEGNA’s dividend payout ratio is currently 14.12%.

Wall Street Analysts Forecast Growth

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

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.