TEGNA (TGNA) Given Hold Rating at Royal Bank of Canada

Royal Bank of Canada reissued their hold rating on shares of TEGNA (NYSE:TGNA) in a report issued on Tuesday, August 7th. Royal Bank of Canada currently has a $12.00 target price on the stock.

TGNA has been the subject of several other reports. ValuEngine lowered TEGNA from a sell rating to a strong sell rating in a research note on Friday, June 29th. Noble Financial restated a buy rating on shares of TEGNA in a report on Thursday, April 26th. Benchmark restated a buy rating and issued a $17.00 target price (down previously from $19.00) on shares of TEGNA in a report on Thursday, May 3rd. Guggenheim set a $16.00 target price on TEGNA and gave the company a buy rating in a report on Thursday, April 12th. Finally, Stephens upgraded TEGNA from an equal rating to a weight rating and set a $14.00 target price for the company in a report on Wednesday, April 25th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $14.50.

NYSE TGNA traded up $0.04 on Tuesday, reaching $11.64. 1,214,500 shares of the stock traded hands, compared to its average volume of 2,275,850. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.93 and a current ratio of 1.93. The firm has a market cap of $2.52 billion, a P/E ratio of 10.70, a PEG ratio of 0.50 and a beta of 1.66. TEGNA has a 12 month low of $10.00 and a 12 month high of $15.60.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Tuesday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $524.08 million during the quarter, compared to analyst estimates of $516.52 million. TEGNA had a return on equity of 27.72% and a net margin of 25.33%. research analysts predict that TEGNA will post 1.67 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 7th will be issued a dividend of $0.07 per share. The ex-dividend date is Thursday, September 6th. This represents a $0.28 annualized dividend and a dividend yield of 2.41%. TEGNA’s dividend payout ratio is 25.93%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its holdings in TEGNA by 2.0% during the second quarter. Bank of New York Mellon Corp now owns 3,502,290 shares of the company’s stock valued at $37,998,000 after buying an additional 68,110 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in TEGNA by 3.3% during the second quarter. Public Employees Retirement System of Ohio now owns 1,984,431 shares of the company’s stock valued at $21,531,000 after buying an additional 63,034 shares in the last quarter. Verition Fund Management LLC raised its holdings in TEGNA by 115.9% during the second quarter. Verition Fund Management LLC now owns 47,078 shares of the company’s stock valued at $511,000 after buying an additional 25,272 shares in the last quarter. Jane Street Group LLC bought a new position in TEGNA during the second quarter valued at about $165,000. Finally, California Public Employees Retirement System grew its position in shares of TEGNA by 9.4% in the second quarter. California Public Employees Retirement System now owns 814,145 shares of the company’s stock valued at $8,833,000 after purchasing an additional 70,193 shares during the last quarter. Institutional investors own 94.27% 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.

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Analyst Recommendations for TEGNA (NYSE:TGNA)

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