DekaBank Deutsche Girozentrale Sells 33,420 Shares of TEGNA Inc. (NYSE:TGNA)

DekaBank Deutsche Girozentrale lessened its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 7.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 434,236 shares of the company’s stock after selling 33,420 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in TEGNA were worth $5,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Cornercap Investment Counsel Inc. bought a new stake in TEGNA during the second quarter valued at about $578,000. Qsemble Capital Management LP purchased a new stake in TEGNA in the 2nd quarter worth approximately $265,000. Headlands Technologies LLC raised its stake in TEGNA by 48.2% during the 2nd quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock worth $63,000 after acquiring an additional 1,470 shares during the period. Texas Permanent School Fund Corp lifted its holdings in TEGNA by 0.8% during the second quarter. Texas Permanent School Fund Corp now owns 173,408 shares of the company’s stock valued at $2,417,000 after purchasing an additional 1,341 shares in the last quarter. Finally, Quest Partners LLC boosted its position in shares of TEGNA by 272.9% in the second quarter. Quest Partners LLC now owns 29,861 shares of the company’s stock worth $416,000 after purchasing an additional 21,853 shares during the period. Institutional investors own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Benchmark restated a “buy” rating and set a $21.00 price objective on shares of TEGNA in a research report on Thursday, August 8th.

TEGNA Stock Performance

NYSE:TGNA opened at $14.85 on Wednesday. The company has a debt-to-equity ratio of 1.10, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $2.52 billion, a price-to-earnings ratio of 5.19 and a beta of 0.49. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $16.56. The stock’s 50 day simple moving average is $14.53 and its two-hundred day simple moving average is $14.30.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. The company had revenue of $710.36 million for the quarter, compared to analysts’ expectations of $715.40 million. TEGNA had a net margin of 15.51% and a return on equity of 11.57%. TEGNA’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 earnings per share. As a group, equities analysts anticipate that TEGNA Inc. will post 3.07 earnings per share for the current fiscal year.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, September 6th. TEGNA’s dividend payout ratio is 17.48%.

Insider Activity at TEGNA

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 stock was sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the sale, the chief executive officer now directly owns 594,401 shares of the company’s stock, valued at $8,309,725.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO David T. Lougee sold 98,437 shares of TEGNA stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $13.98, for a total value of $1,376,149.26. Following the completion of the transaction, the chief executive officer now owns 594,401 shares in the company, valued at approximately $8,309,725.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.88, for a total value of $347,000.00. Following the transaction, the chief operating officer now directly owns 179,617 shares in the company, valued at approximately $2,493,083.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 123,467 shares of company stock valued at $1,723,563. Insiders own 0.88% of the company’s stock.

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.