M&T Bank Corp Increases Stake in TEGNA Inc. (NYSE:TGNA)

M&T Bank Corp grew its stake in shares of TEGNA Inc. (NYSE:TGNA) by 29.6% during the third quarter, Holdings Channel reports. The institutional investor owned 14,495 shares of the company’s stock after purchasing an additional 3,308 shares during the quarter. M&T Bank Corp’s holdings in TEGNA were worth $229,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Pacer Advisors Inc. boosted its holdings in TEGNA by 2,898.4% during the 3rd quarter. Pacer Advisors Inc. now owns 10,806,130 shares of the company’s stock valued at $170,521,000 after acquiring an additional 10,445,739 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of TEGNA by 1.4% in the second quarter. Dimensional Fund Advisors LP now owns 10,309,749 shares of the company’s stock worth $143,714,000 after purchasing an additional 141,638 shares during the last quarter. State Street Corp increased its stake in shares of TEGNA by 3.5% in the third quarter. State Street Corp now owns 8,194,619 shares of the company’s stock worth $129,991,000 after buying an additional 276,699 shares during the period. LSV Asset Management raised its holdings in TEGNA by 29.5% during the 2nd quarter. LSV Asset Management now owns 8,024,562 shares of the company’s stock valued at $111,862,000 after buying an additional 1,827,471 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in TEGNA by 3.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock valued at $28,077,000 after buying an additional 53,583 shares during the last quarter. Hedge funds and other institutional investors own 92.19% of the company’s stock.

Insider Buying and Selling

In related news, COO Lynn B. Trelstad sold 25,000 shares of TEGNA stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $16.40, for a total transaction of $410,000.00. Following the completion of the transaction, the chief operating officer now directly owns 154,617 shares of the company’s stock, valued at $2,535,718.80. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.88% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on TGNA shares. Wells Fargo & Company raised shares of TEGNA from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $21.00 to $23.00 in a report on Thursday. StockNews.com raised TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Benchmark upped their price target on TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their price objective on TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 12th.

TEGNA Trading Up 3.6 %

NYSE:TGNA opened at $18.13 on Friday. The company has a 50-day moving average price of $17.67 and a 200-day moving average price of $15.57. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 6.41 and a beta of 0.52. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62.

TEGNA (NYSE:TGNA) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.83 by $0.11. TEGNA had a net margin of 16.75% and a return on equity of 14.49%. The business had revenue of $806.83 million during the quarter, compared to analyst estimates of $795.72 million. During the same period last year, the business posted $0.39 earnings per share. TEGNA’s quarterly revenue was up 13.1% compared to the same quarter last year. Equities analysts predict that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 6th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.50 annualized dividend and a dividend yield of 2.76%. TEGNA’s dividend payout ratio is presently 17.67%.

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.