M&T Bank Corp Raises Stock Holdings in TEGNA Inc. (NYSE:TGNA)

M&T Bank Corp raised its holdings in TEGNA Inc. (NYSE:TGNA) by 29.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Harbor Capital Advisors Inc. bought a new position in TEGNA during the third quarter valued at about $28,000. Headlands Technologies LLC boosted its stake in TEGNA by 48.2% in the second quarter. Headlands Technologies LLC now owns 4,520 shares of the company’s stock valued at $63,000 after acquiring an additional 1,470 shares during the last quarter. Quarry LP grew its position in shares of TEGNA by 455.2% during the 3rd quarter. Quarry LP now owns 4,025 shares of the company’s stock valued at $64,000 after acquiring an additional 3,300 shares during the period. Blue Trust Inc. increased its stake in shares of TEGNA by 247.8% during the 2nd quarter. Blue Trust Inc. now owns 4,702 shares of the company’s stock worth $70,000 after purchasing an additional 3,350 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of TEGNA by 20.4% in the 3rd quarter. US Bancorp DE now owns 4,503 shares of the company’s stock worth $71,000 after purchasing an additional 764 shares during the period. 92.19% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other TEGNA news, COO Lynn B. Trelstad sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $16.40, for a total value of $410,000.00. Following the completion of the transaction, the chief operating officer now owns 154,617 shares of the company’s stock, valued at $2,535,718.80. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.88% of the company’s stock.

TEGNA Price Performance

TEGNA stock opened at $18.13 on Friday. The firm has a market capitalization of $2.92 billion, a P/E ratio of 6.41 and a beta of 0.52. TEGNA Inc. has a one year low of $12.35 and a one 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 business has a fifty day moving average price of $17.67 and a 200-day moving average price of $15.57.

TEGNA (NYSE:TGNA) last issued its earnings results 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 return on equity of 14.49% and a net margin of 16.75%. The business had revenue of $806.83 million during the quarter, compared to the consensus estimate of $795.72 million. During the same quarter last year, the company earned $0.39 EPS. The firm’s revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts forecast that TEGNA Inc. will post 3.02 EPS for the current year.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.76%. TEGNA’s dividend payout ratio (DPR) is currently 17.67%.

Analysts Set New Price Targets

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

TEGNA Company 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.