Lee Danner & Bass Inc. Sells 9,925 Shares of TEGNA Inc. (NYSE:TGNA)

Lee Danner & Bass Inc. reduced its holdings in shares of TEGNA Inc. (NYSE:TGNA) by 3.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 300,870 shares of the company’s stock after selling 9,925 shares during the quarter. Lee Danner & Bass Inc. owned 0.19% of TEGNA worth $5,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of 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 in the last quarter. Smartleaf Asset Management LLC increased its position in TEGNA by 95.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after acquiring an additional 832 shares during the last quarter. PNC Financial Services Group Inc. increased its position in TEGNA by 34.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company’s stock valued at $80,000 after acquiring an additional 1,111 shares during the last quarter. Sanctuary Advisors LLC increased its position in TEGNA by 7.4% during the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock valued at $284,000 after acquiring an additional 1,239 shares during the last quarter. Finally, Jones Financial Companies Lllp purchased a new stake in TEGNA during the fourth quarter valued at $27,000. 92.19% of the stock is owned by institutional investors.

TEGNA Stock Performance

Shares of TGNA opened at $18.79 on Friday. 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 business has a 50-day simple moving average of $17.98 and a two-hundred day simple moving average of $17.30. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 6.64 and a beta of 0.45. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62.

TEGNA Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be given a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Friday, March 7th. TEGNA’s payout ratio is 14.12%.

Analysts Set New Price Targets

A number of research firms recently commented on TGNA. StockNews.com cut TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. Finally, Guggenheim reiterated a “buy” rating and set a $22.00 price objective on shares of TEGNA in a research report on Friday, January 24th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, TEGNA has a consensus rating of “Moderate Buy” and an average target price of $21.75.

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.