TEGNA (NYSE:TGNA) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

TEGNA (NYSE:TGNA) announced its earnings results on Wednesday. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.48 by $0.02, Briefing.com reports. TEGNA had a net margin of 19.48% and a return on equity of 11.86%. The firm had revenue of $710.36 million for the quarter, compared to the consensus estimate of $715.40 million. During the same period last year, the company posted $0.44 EPS. The business’s quarterly revenue was down 2.9% on a year-over-year basis. TEGNA updated its Q3 2024 guidance to EPS.

TEGNA Stock Down 0.5 %

Shares of NYSE TGNA opened at $13.71 on Friday. The company has a current ratio of 2.53, a quick ratio of 2.53 and a debt-to-equity ratio of 1.10. TEGNA has a 12-month low of $12.35 and a 12-month high of $17.32. The stock has a fifty day moving average price of $14.44 and a 200 day moving average price of $14.47. The company has a market cap of $2.32 billion, a P/E ratio of 4.79 and a beta of 0.51.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.65%. The ex-dividend date is Friday, September 6th. TEGNA’s dividend payout ratio (DPR) is 17.48%.

Wall Street Analyst Weigh In

Separately, Benchmark restated a “buy” rating and set a $21.00 price objective on shares of TEGNA in a research note on Thursday.

Insider Buying and Selling at TEGNA

In related news, SVP Clifton A. Mcclelland III sold 54,093 shares of TEGNA stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $15.78, for a total value of $853,587.54. Following the transaction, the senior vice president now owns 42,602 shares in the company, valued at approximately $672,259.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Clifton A. Mcclelland III sold 54,093 shares of TEGNA stock in a transaction dated 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 directly owns 42,602 shares of the company’s stock, valued at $672,259.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David T. Lougee sold 32,813 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $15.04, for a total value of $493,507.52. Following the sale, the chief executive officer now owns 692,838 shares of the company’s stock, valued at approximately $10,420,283.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 210,343 shares of company stock worth $3,072,994. 0.88% of the stock is owned by company insiders.

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.