Hsbc Holdings PLC Purchases 165,495 Shares of TEGNA Inc. $TGNA

Hsbc Holdings PLC lifted its position in TEGNA Inc. (NYSE:TGNA) by 580.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 194,023 shares of the company’s stock after purchasing an additional 165,495 shares during the quarter. Hsbc Holdings PLC’s holdings in TEGNA were worth $3,250,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Public Sector Pension Investment Board raised its stake in shares of TEGNA by 48.7% in the 1st quarter. Public Sector Pension Investment Board now owns 596,868 shares of the company’s stock valued at $10,875,000 after buying an additional 195,396 shares in the last quarter. Hillsdale Investment Management Inc. boosted its position in shares of TEGNA by 33.6% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 317,500 shares of the company’s stock valued at $5,321,000 after acquiring an additional 79,900 shares in the last quarter. Deutsche Bank AG increased its stake in TEGNA by 383.6% in the first quarter. Deutsche Bank AG now owns 756,941 shares of the company’s stock valued at $13,791,000 after acquiring an additional 600,407 shares during the period. Measured Wealth Private Client Group LLC acquired a new position in TEGNA in the first quarter worth about $405,000. Finally, FORA Capital LLC acquired a new position in TEGNA in the first quarter worth about $228,000. 92.19% of the stock is owned by institutional investors.

TEGNA Stock Performance

NYSE TGNA opened at $19.14 on Friday. TEGNA Inc. has a 1-year low of $14.87 and a 1-year high of $21.35. The company has a 50 day moving average of $19.87 and a 200-day moving average of $18.83. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.81. The firm has a market cap of $3.08 billion, a price-to-earnings ratio of 9.03 and a beta of 0.12.

TEGNA (NYSE:TGNA) last released its quarterly earnings results on Monday, November 10th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.02). TEGNA had a return on equity of 12.50% and a net margin of 11.97%.The business had revenue of $650.79 million for the quarter, compared to the consensus estimate of $658.28 million. During the same quarter last year, the company earned $0.94 earnings per share. The firm’s revenue was down 19.3% on a year-over-year basis. On average, equities analysts forecast that TEGNA Inc. will post 3.02 earnings per share for the current fiscal year.

TEGNA Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 5th will be issued a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, December 5th. TEGNA’s dividend payout ratio is presently 23.58%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of TEGNA in a report on Monday. Wells Fargo & Company downgraded TEGNA from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 23rd. Guggenheim reaffirmed a “neutral” rating and issued a $19.00 price target on shares of TEGNA in a research note on Friday, August 22nd. Finally, Zacks Research cut TEGNA from a “hold” rating to a “strong sell” rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $19.75.

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.