Maryland State Retirement & Pension System Decreases Holdings in TEGNA Inc. (NYSE:TGNA)

Maryland State Retirement & Pension System reduced its stake in TEGNA Inc. (NYSE:TGNA) by 2.9% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 54,260 shares of the company’s stock after selling 1,605 shares during the quarter. Maryland State Retirement & Pension System’s holdings in TEGNA were worth $992,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans grew its stake in shares of TEGNA by 217.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 129,912 shares of the company’s stock worth $2,050,000 after acquiring an additional 88,932 shares during the period. Advisors Asset Management Inc. boosted its position in TEGNA by 194.9% during the third quarter. Advisors Asset Management Inc. now owns 10,262 shares of the company’s stock worth $162,000 after purchasing an additional 6,782 shares during the period. Intech Investment Management LLC increased its stake in shares of TEGNA by 179.6% in the third quarter. Intech Investment Management LLC now owns 72,661 shares of the company’s stock worth $1,147,000 after purchasing an additional 46,678 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of TEGNA by 3.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,779,273 shares of the company’s stock valued at $28,077,000 after purchasing an additional 53,583 shares during the period. Finally, Cerity Partners LLC lifted its stake in shares of TEGNA by 82.3% during the 3rd quarter. Cerity Partners LLC now owns 48,504 shares of the company’s stock valued at $765,000 after buying an additional 21,900 shares in the last quarter. Institutional investors own 92.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TGNA. Wells Fargo & Company upgraded shares of TEGNA from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $21.00 to $23.00 in a research note on Thursday, December 19th. Guggenheim reiterated a “buy” rating and set a $22.00 price objective on shares of TEGNA in a research note on Friday, January 24th. Finally, StockNews.com downgraded TEGNA from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.75.

TEGNA Stock Down 1.4 %

TGNA opened at $18.53 on Monday. The firm has a market capitalization of $2.96 billion, a P/E ratio of 6.55 and a beta of 0.45. TEGNA Inc. has a one year low of $12.35 and a one year high of $19.62. The company has a fifty day moving average price of $17.99 and a 200-day moving average price of $17.38. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.60 and a quick ratio of 2.60.

TEGNA Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be paid a $0.125 dividend. The ex-dividend date is Friday, March 7th. This represents a $0.50 dividend on an annualized basis and a yield of 2.70%. TEGNA’s dividend payout ratio is currently 14.12%.

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.