Legal & General Group Plc Reduces Stock Position in TEGNA Inc. (NYSE:TGNA)

Legal & General Group Plc decreased its stake in shares of TEGNA Inc. (NYSE:TGNA) by 2.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 477,613 shares of the company’s stock after selling 9,539 shares during the quarter. Legal & General Group Plc’s holdings in TEGNA were worth $8,736,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. grew its stake in shares of TEGNA by 14.6% in the 4th quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock valued at $15,841,000 after buying an additional 110,646 shares during the period. Bank of Montreal Can lifted its holdings in TEGNA by 5.4% in the fourth quarter. Bank of Montreal Can now owns 33,424 shares of the company’s stock valued at $611,000 after acquiring an additional 1,706 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in TEGNA in the fourth quarter valued at approximately $32,000. Dynamic Technology Lab Private Ltd purchased a new position in TEGNA in the fourth quarter worth approximately $324,000. Finally, Wells Fargo & Company MN increased its stake in TEGNA by 9.5% during the fourth quarter. Wells Fargo & Company MN now owns 223,654 shares of the company’s stock worth $4,091,000 after acquiring an additional 19,453 shares during the last quarter. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Trading Up 2.0 %

Shares of NYSE TGNA opened at $16.08 on Friday. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $2.58 billion, a PE ratio of 5.68 and a beta of 0.25. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $19.62. The stock has a fifty day simple moving average of $17.48 and a 200-day simple moving average of $17.67.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th were paid a dividend of $0.125 per share. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 3.11%. TEGNA’s dividend payout ratio (DPR) is presently 14.12%.

Wall Street Analyst Weigh In

TGNA has been the topic of several recent analyst reports. Guggenheim decreased their price target on TEGNA from $22.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. StockNews.com lowered shares of TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.25.

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.