TEGNA Inc. $TGNA Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its position in shares of TEGNA Inc. (NYSE:TGNA) by 19.7% in the second quarter, Holdings Channel reports. The institutional investor owned 397,932 shares of the company’s stock after selling 97,824 shares during the quarter. Pinnacle Associates Ltd.’s holdings in TEGNA were worth $6,669,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. LSV Asset Management increased its holdings in shares of TEGNA by 0.4% during the 1st quarter. LSV Asset Management now owns 7,828,750 shares of the company’s stock worth $142,640,000 after buying an additional 32,121 shares during the last quarter. Millennium Management LLC increased its holdings in shares of TEGNA by 51.5% during the 1st quarter. Millennium Management LLC now owns 2,548,981 shares of the company’s stock worth $46,442,000 after buying an additional 866,970 shares during the last quarter. Bridgeway Capital Management LLC boosted its position in shares of TEGNA by 10.1% during the 1st quarter. Bridgeway Capital Management LLC now owns 1,358,042 shares of the company’s stock worth $24,744,000 after purchasing an additional 124,713 shares during the period. Principal Financial Group Inc. boosted its position in shares of TEGNA by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 934,711 shares of the company’s stock worth $17,030,000 after purchasing an additional 23,094 shares during the period. Finally, Capital Management Corp VA boosted its position in shares of TEGNA by 19.7% during the 2nd quarter. Capital Management Corp VA now owns 920,820 shares of the company’s stock worth $15,433,000 after purchasing an additional 151,645 shares during the period. Institutional investors and hedge funds own 92.19% of the company’s stock.

Wall Street Analyst Weigh In

TGNA has been the subject of a number of research analyst reports. Zacks Research cut shares of TEGNA from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. Guggenheim reaffirmed a “neutral” rating and set a $19.00 price objective on shares of TEGNA in a research report on Friday, August 22nd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TEGNA in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company cut shares of TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.75.

TEGNA Stock Performance

Shares of TGNA stock opened at $19.70 on Friday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.82. TEGNA Inc. has a 52 week low of $14.87 and a 52 week high of $21.35. The stock has a market capitalization of $3.17 billion, a PE ratio of 7.08 and a beta of 0.25. The firm has a 50 day moving average of $20.51 and a two-hundred day moving average of $18.28.

TEGNA (NYSE:TGNA) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.38 by $0.06. TEGNA had a net margin of 14.99% and a return on equity of 16.20%. The company had revenue of $675.05 million during the quarter, compared to analysts’ expectations of $673.92 million. During the same quarter last year, the company posted $0.50 EPS. The firm’s revenue was down 5.0% compared to the same quarter last year. TEGNA has set its Q3 2025 guidance at EPS. On average, research analysts predict that TEGNA Inc. will post 3.02 EPS for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, September 5th. TEGNA’s dividend payout ratio (DPR) is currently 17.99%.

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.