351,000 Shares in TEGNA Inc. (NYSE:TGNA) Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board purchased a new stake in shares of TEGNA Inc. (NYSE:TGNA) in the third quarter, according to the company in its most recent filing with the SEC. The fund purchased 351,000 shares of the company’s stock, valued at approximately $5,539,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its holdings in TEGNA by 26.2% during the third quarter. Principal Financial Group Inc. now owns 891,488 shares of the company’s stock worth $14,068,000 after acquiring an additional 184,845 shares during the period. Dimensional Fund Advisors LP increased its position in shares of TEGNA by 1.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock valued at $143,714,000 after purchasing an additional 141,638 shares during the last quarter. Capital Management Corp VA raised its stake in shares of TEGNA by 30.3% during the 3rd quarter. Capital Management Corp VA now owns 725,805 shares of the company’s stock worth $11,453,000 after purchasing an additional 168,667 shares during the period. SG Americas Securities LLC purchased a new position in shares of TEGNA in the 3rd quarter worth about $626,000. Finally, Squarepoint Ops LLC grew its position in TEGNA by 132.9% during the second quarter. Squarepoint Ops LLC now owns 916,760 shares of the company’s stock valued at $12,780,000 after buying an additional 523,120 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Price Performance

Shares of NYSE:TGNA opened at $18.77 on Monday. The company’s fifty day moving average price is $16.85 and its 200-day moving average price is $15.21. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 6.63 and a beta of 0.49. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62.

TEGNA (NYSE:TGNA) last issued its earnings results on Thursday, November 7th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.11. The business had revenue of $806.83 million during the quarter, compared to analyst estimates of $795.72 million. TEGNA had a return on equity of 14.49% and a net margin of 16.75%. TEGNA’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 earnings per share. On average, equities research analysts anticipate that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be paid a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Friday, December 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.67%.

Insider Transactions at TEGNA

In other news, COO Lynn B. Trelstad sold 25,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $13.88, for a total transaction of $347,000.00. Following the completion of the transaction, the chief operating officer now directly owns 179,617 shares of the company’s stock, valued at approximately $2,493,083.96. This represents a 12.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Benchmark raised their price target on shares of TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. StockNews.com downgraded TEGNA from a “buy” rating to a “hold” rating in a research report on Saturday, November 23rd. Finally, JPMorgan Chase & Co. upped their price target on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research report on Tuesday, November 12th.

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.