Denali Advisors LLC Sells 108,402 Shares of TEGNA Inc. (NYSE:TGNA)

Denali Advisors LLC cut its position in TEGNA Inc. (NYSE:TGNA) by 20.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 410,172 shares of the company’s stock after selling 108,402 shares during the period. TEGNA accounts for approximately 0.8% of Denali Advisors LLC’s investment portfolio, making the stock its 22nd biggest holding. Denali Advisors LLC’s holdings in TEGNA were worth $7,502,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in TGNA. GAMMA Investing LLC grew its position in shares of TEGNA by 59.0% in the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after buying an additional 757 shares during the last quarter. US Bancorp DE boosted its stake in TEGNA by 20.4% in the third quarter. US Bancorp DE now owns 4,503 shares of the company’s stock valued at $71,000 after acquiring an additional 764 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in TEGNA by 7.4% in the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock worth $284,000 after purchasing an additional 1,239 shares during the last quarter. Covestor Ltd increased its position in shares of TEGNA by 20.8% during the third quarter. Covestor Ltd now owns 8,852 shares of the company’s stock worth $140,000 after purchasing an additional 1,525 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in shares of TEGNA during the third quarter worth $28,000. 92.19% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TGNA has been the subject of a number of recent analyst reports. Benchmark raised their price objective on TEGNA from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Guggenheim reissued a “buy” rating and issued a $22.00 price target on shares of TEGNA in a report on Friday, January 24th. StockNews.com upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Friday, December 13th. Wells Fargo & Company raised shares of TEGNA from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. Finally, JPMorgan Chase & Co. lifted their target price on shares of TEGNA from $16.00 to $19.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 12th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.75.

TEGNA Stock Performance

Shares of TGNA stock opened at $16.92 on Wednesday. The business has a fifty day moving average of $18.18 and a 200 day moving average of $16.88. TEGNA Inc. has a 1 year low of $12.35 and a 1 year high of $19.62. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 5.98 and a beta of 0.52.

TEGNA Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 7th will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, March 7th. 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.