Mission Wealth Management LP Lowers Stake in TEGNA Inc. (NYSE:TGNA)

Mission Wealth Management LP cut its position in shares of TEGNA Inc. (NYSE:TGNA) by 2.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,149 shares of the company’s stock after selling 877 shares during the quarter. Mission Wealth Management LP’s holdings in TEGNA were worth $600,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TGNA. Invesco Ltd. grew its holdings in shares of TEGNA by 26.8% during the third quarter. Invesco Ltd. now owns 526,467 shares of the company’s stock worth $7,671,000 after buying an additional 111,208 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of TEGNA by 7.0% in the third quarter. Tower Research Capital LLC TRC now owns 22,348 shares of the company’s stock worth $326,000 after acquiring an additional 1,464 shares during the last quarter. Lazard Asset Management LLC boosted its position in shares of TEGNA by 2.5% in the third quarter. Lazard Asset Management LLC now owns 117,148 shares of the company’s stock worth $1,706,000 after acquiring an additional 2,881 shares during the last quarter. Glenmede Trust Co. NA boosted its position in shares of TEGNA by 46.2% in the third quarter. Glenmede Trust Co. NA now owns 80,237 shares of the company’s stock worth $1,169,000 after acquiring an additional 25,352 shares during the last quarter. Finally, Verity Asset Management Inc. acquired a new stake in shares of TEGNA in the third quarter worth approximately $332,000. 92.19% of the stock is currently owned by hedge funds and other institutional investors.

TEGNA Trading Down 0.9 %

Shares of TGNA traded down $0.12 during mid-day trading on Friday, hitting $13.88. The company had a trading volume of 1,211,541 shares, compared to its average volume of 2,607,941. The business’s 50-day simple moving average is $14.15 and its 200-day simple moving average is $14.51. The company has a quick ratio of 2.53, a current ratio of 2.53 and a debt-to-equity ratio of 1.10. TEGNA Inc. has a 1-year low of $12.35 and a 1-year high of $17.37. The stock has a market cap of $2.35 billion, a PE ratio of 4.85 and a beta of 0.51.

TEGNA (NYSE:TGNA) last released its earnings results on Wednesday, May 8th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The business had revenue of $714.30 million for the quarter, compared to analysts’ expectations of $718.86 million. During the same period last year, the company earned $0.47 earnings per share. The company’s quarterly revenue was down 3.5% on a year-over-year basis. Sell-side analysts forecast that TEGNA Inc. will post 3.11 earnings per share for the current year.

TEGNA Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Friday, June 7th were given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a yield of 3.60%. This is a boost from TEGNA’s previous quarterly dividend of $0.11. The ex-dividend date was Friday, June 7th. TEGNA’s payout ratio is 17.48%.

Insiders Place Their Bets

In other TEGNA news, CEO David T. Lougee sold 98,437 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the completion of the sale, the chief executive officer now directly owns 594,401 shares in the company, valued at $8,309,725.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other TEGNA news, CEO David T. Lougee sold 98,437 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the completion of the sale, the chief executive officer now directly owns 594,401 shares in the company, valued at $8,309,725.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Clifton A. Mcclelland III sold 54,093 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.78, for a total transaction of $853,587.54. Following the sale, the senior vice president now owns 42,602 shares of the company’s stock, valued at $672,259.56. The disclosure for this sale can be found here. Insiders sold a total of 210,343 shares of company stock worth $3,072,994 over the last ninety days. 0.88% of the stock is owned by company insiders.

TEGNA Company 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.