Cornercap Investment Counsel Inc. Acquires New Shares in TEGNA Inc. (NYSE:TGNA)

Cornercap Investment Counsel Inc. bought a new position in shares of TEGNA Inc. (NYSE:TGNA) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 41,484 shares of the company’s stock, valued at approximately $578,000.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of TEGNA by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 25,326,932 shares of the company’s stock valued at $387,502,000 after acquiring an additional 744,721 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in TEGNA by 17.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,294,455 shares of the company’s stock worth $157,506,000 after purchasing an additional 1,501,986 shares during the period. Kodai Capital Management LP acquired a new position in TEGNA during the fourth quarter valued at approximately $7,477,000. Seven Eight Capital LP bought a new position in shares of TEGNA in the first quarter valued at approximately $2,526,000. Finally, Gamco Investors INC. ET AL lifted its stake in shares of TEGNA by 6.8% in the fourth quarter. Gamco Investors INC. ET AL now owns 2,056,988 shares of the company’s stock worth $31,472,000 after buying an additional 130,960 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of TEGNA in a research note on Thursday, August 8th.

TEGNA Price Performance

Shares of NYSE:TGNA opened at $14.29 on Friday. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 5.00 and a beta of 0.49. The business has a 50 day moving average price of $14.51 and a 200 day moving average price of $14.28. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 1.10. TEGNA Inc. has a twelve month low of $12.35 and a twelve month high of $16.56.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. TEGNA had a return on equity of 11.57% and a net margin of 15.51%. The company had revenue of $710.36 million during the quarter, compared to analysts’ expectations of $715.40 million. During the same period in the prior year, the business earned $0.44 earnings per share. TEGNA’s revenue for the quarter was down 2.9% compared to the same quarter last year. Research analysts predict that TEGNA Inc. will post 3.07 earnings per share for the current year.

TEGNA Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be given a dividend of $0.125 per share. This represents a $0.50 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Friday, September 6th. TEGNA’s dividend payout ratio is currently 17.48%.

Insider Activity at TEGNA

In related news, CEO David T. Lougee sold 98,437 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $13.98, for a total transaction of $1,376,149.26. Following the transaction, the chief executive officer now directly owns 594,401 shares in the company, valued at $8,309,725.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 98,467 shares of company stock worth $1,376,563. Company insiders own 0.88% of the company’s stock.

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.