Bryce Point Capital LLC Acquires 14,034 Shares of TEGNA Inc. (NYSE:TGNA)

Bryce Point Capital LLC grew its position in TEGNA Inc. (NYSE:TGNA) by 56.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,831 shares of the company’s stock after purchasing an additional 14,034 shares during the quarter. Bryce Point Capital LLC’s holdings in TEGNA were worth $704,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of TGNA. Norges Bank acquired a new stake in shares of TEGNA in the fourth quarter worth $12,170,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of TEGNA in the fourth quarter worth $7,955,000. Voloridge Investment Management LLC acquired a new stake in shares of TEGNA in the fourth quarter worth $5,434,000. Jane Street Group LLC lifted its stake in shares of TEGNA by 494.8% in the fourth quarter. Jane Street Group LLC now owns 195,677 shares of the company’s stock worth $3,579,000 after buying an additional 245,245 shares during the last quarter. Finally, Schroder Investment Management Group acquired a new stake in shares of TEGNA in the fourth quarter worth $4,429,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Benchmark reduced their price objective on shares of TEGNA from $21.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Guggenheim dropped their target price on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a research report on Wednesday, July 2nd. Wells Fargo & Company dropped their target price on shares of TEGNA from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. dropped their target price on shares of TEGNA from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 21st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

TEGNA Trading Down 0.1%

Shares of TGNA stock opened at $17.03 on Monday. TEGNA Inc. has a 1 year low of $13.37 and a 1 year high of $19.62. The firm’s fifty day simple moving average is $16.82 and its 200 day simple moving average is $17.24. The firm has a market capitalization of $2.74 billion, a P/E ratio of 5.99 and a beta of 0.30. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.83.

TEGNA (NYSE:TGNA) last announced its earnings results on Thursday, May 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.03. TEGNA had a net margin of 15.29% and a return on equity of 17.13%. The business had revenue of $680.05 million for the quarter, compared to analyst estimates of $677.24 million. During the same quarter in the previous year, the firm posted $0.45 earnings per share. TEGNA’s revenue was down 4.8% compared to the same quarter last year. As a group, sell-side analysts predict that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were issued a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.94%. The ex-dividend date was Friday, June 6th. TEGNA’s dividend payout ratio (DPR) is presently 17.61%.

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.