State of Alaska Department of Revenue Sells 2,835 Shares of TEGNA Inc. (NYSE:TGNA)

State of Alaska Department of Revenue decreased its position in shares of TEGNA Inc. (NYSE:TGNA) by 3.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,569 shares of the company’s stock after selling 2,835 shares during the quarter. State of Alaska Department of Revenue’s holdings in TEGNA were worth $1,674,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Pacer Advisors Inc. raised its stake in TEGNA by 2,898.4% during the third quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock worth $170,521,000 after acquiring an additional 10,445,739 shares in the last quarter. Empowered Funds LLC increased its position in TEGNA by 757.4% during the 3rd quarter. Empowered Funds LLC now owns 662,417 shares of the company’s stock worth $10,453,000 after purchasing an additional 585,156 shares in the last quarter. Public Sector Pension Investment Board bought a new position in TEGNA in the 3rd quarter valued at approximately $5,539,000. State Street Corp boosted its position in TEGNA by 3.5% in the third quarter. State Street Corp now owns 8,194,619 shares of the company’s stock valued at $129,991,000 after buying an additional 276,699 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of TEGNA by 5.1% during the third quarter. Geode Capital Management LLC now owns 4,905,588 shares of the company’s stock worth $77,422,000 after buying an additional 238,696 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TGNA shares. Wells Fargo & Company upgraded TEGNA from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Benchmark increased their target price on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. boosted their price target on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a report on Tuesday, November 12th. StockNews.com upgraded shares of TEGNA from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Finally, Guggenheim reissued a “buy” rating and set a $22.00 target price on shares of TEGNA in a report on Friday, January 24th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Price Performance

Shares of NYSE TGNA opened at $18.41 on Wednesday. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 6.51 and a beta of 0.52. 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 fifty-two week low of $12.35 and a fifty-two week high of $19.62. The firm’s 50-day simple moving average is $18.32 and its 200 day simple moving average is $16.67.

TEGNA Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 7th will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.72%. TEGNA’s payout ratio is 17.67%.

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.