State Board of Administration of Florida Retirement System cut its holdings in TEGNA Inc. (NYSE:TGNA) by 57.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 144,693 shares of the company’s stock after selling 192,966 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.07% of TEGNA worth $1,570,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Mackay Shields LLC acquired a new position in shares of TEGNA in the 2nd quarter valued at about $640,000. Rhumbline Advisers increased its holdings in shares of TEGNA by 6.8% in the 2nd quarter. Rhumbline Advisers now owns 393,156 shares of the company’s stock valued at $4,266,000 after purchasing an additional 24,892 shares during the period. Boston Partners increased its holdings in shares of TEGNA by 21.5% in the 2nd quarter. Boston Partners now owns 220,646 shares of the company’s stock valued at $2,394,000 after purchasing an additional 39,075 shares during the period. Sei Investments Co. increased its holdings in shares of TEGNA by 21.8% in the 2nd quarter. Sei Investments Co. now owns 363,998 shares of the company’s stock valued at $3,950,000 after purchasing an additional 65,120 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of TEGNA in the 2nd quarter valued at about $632,000. Hedge funds and other institutional investors own 94.27% of the company’s stock.

A number of brokerages have recently weighed in on TGNA. Benchmark reiterated a “buy” rating and issued a $17.00 target price on shares of TEGNA in a report on Wednesday, August 8th. ValuEngine upgraded TEGNA from a “strong sell” rating to a “sell” rating in a report on Thursday, June 21st. Noble Financial set a $15.00 target price on TEGNA and gave the company a “buy” rating in a report on Wednesday, August 22nd. Evercore ISI began coverage on TEGNA in a report on Tuesday, July 31st. They issued an “in-line” rating and a $14.00 target price on the stock. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $12.00 target price on shares of TEGNA in a report on Tuesday, August 7th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $14.50.

Shares of NYSE TGNA opened at $11.60 on Friday. The company has a market capitalization of $2.52 billion, a P/E ratio of 9.44, a PEG ratio of 0.50 and a beta of 1.66. TEGNA Inc. has a 52 week low of $10.00 and a 52 week high of $15.60. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.93 and a quick ratio of 1.93.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Tuesday, August 7th. The company reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.35 by $0.01. The business had revenue of $524.08 million during the quarter, compared to analysts’ expectations of $516.52 million. TEGNA had a return on equity of 27.72% and a net margin of 25.33%. equities analysts forecast that TEGNA Inc. will post 1.67 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 7th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.28 annualized dividend and a dividend yield of 2.41%. TEGNA’s payout ratio is 25.93%.

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.

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Institutional Ownership by Quarter for TEGNA (NYSE:TGNA)

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