Meritage Portfolio Management Has $462,000 Position in TEGNA Inc. (NYSE:TGNA)

Meritage Portfolio Management boosted its position in shares of TEGNA Inc. (NYSE:TGNA) by 8.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,270 shares of the company’s stock after purchasing an additional 1,967 shares during the quarter. Meritage Portfolio Management’s holdings in TEGNA were worth $462,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new position in TEGNA during the third quarter valued at approximately $28,000. GAMMA Investing LLC grew its holdings in TEGNA by 59.0% during the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after purchasing an additional 757 shares during the period. Sound Income Strategies LLC acquired a new position in shares of TEGNA in the fourth quarter valued at approximately $57,000. Quarry LP boosted its holdings in shares of TEGNA by 455.2% in the third quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after buying an additional 3,300 shares during the period. Finally, US Bancorp DE boosted its holdings in shares of TEGNA by 20.4% in the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after buying an additional 764 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

TEGNA Stock Performance

Shares of TGNA stock opened at $18.12 on Friday. The company’s fifty day simple moving average is $18.35 and its 200-day simple moving average is $16.60. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The firm has a market cap of $2.92 billion, a PE ratio of 6.40 and a beta of 0.52. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62.

TEGNA (NYSE:TGNA) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.11. The business had revenue of $806.83 million for the quarter, compared to analyst estimates of $795.72 million. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 earnings per share. Equities research analysts expect that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th were given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Friday, December 6th. TEGNA’s dividend payout ratio is presently 17.67%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TGNA shares. JPMorgan Chase & Co. upped their price target on shares of TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a report on Tuesday, November 12th. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $21.00 to $23.00 in a report on Thursday, December 19th. Guggenheim reiterated a “buy” rating and issued a $22.00 price target on shares of TEGNA in a report on Friday, January 24th. Finally, Benchmark upped their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.75.

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.