129,846 Shares in TEGNA Inc. (NYSE:TGNA) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new position in shares of TEGNA Inc. (NYSE:TGNA) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 129,846 shares of the company’s stock, valued at approximately $2,375,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp purchased a new stake in shares of TEGNA during the 4th quarter worth about $27,000. Smartleaf Asset Management LLC raised its position in shares of TEGNA by 95.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after purchasing an additional 832 shares in the last quarter. GAMMA Investing LLC raised its holdings in TEGNA by 59.0% in the fourth quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock valued at $37,000 after acquiring an additional 757 shares in the last quarter. Sound Income Strategies LLC bought a new stake in TEGNA in the fourth quarter valued at about $57,000. Finally, Quarry LP lifted its stake in TEGNA by 455.2% during the third quarter. Quarry LP now owns 4,025 shares of the company’s stock worth $64,000 after purchasing an additional 3,300 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on TGNA shares. StockNews.com lowered TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $21.00 to $23.00 in a report on Thursday, December 19th. Finally, Guggenheim restated a “buy” rating and issued a $22.00 target price on shares of TEGNA in a report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, TEGNA presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Stock Performance

TGNA stock opened at $18.10 on Friday. The firm has a 50 day simple moving average of $18.03 and a 200 day simple moving average of $17.52. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62. The stock has a market cap of $2.89 billion, a P/E ratio of 6.39 and a beta of 0.45.

TEGNA Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, March 7th. TEGNA’s payout ratio is currently 14.12%.

TEGNA 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.