TEGNA (NYSE:TGNA) Hits New 1-Year High – Time to Buy?

TEGNA Inc. (NYSE:TGNA)’s share price hit a new 52-week high on Friday . The stock traded as high as $21.90 and last traded at $21.8950, with a volume of 33969 shares. The stock had previously closed at $20.03.

TEGNA News Roundup

Here are the key news stories impacting TEGNA this week:

• Positive Sentiment: FCC and federal approval steps cleared the path for Nexstar’s purchase of TEGNA, removing a major regulatory hurdle and supporting the deal’s close. Read More.
• Positive Sentiment: The FCC’s Media Bureau granted approval and an ownership-cap waiver for Nexstar’s acquisition, which market participants viewed as a catalyst for immediate deal completion. Read More.
• Positive Sentiment: Nexstar announced the Tegna merger as closed with federal approval, a formal milestone that typically supports deal consideration and integration planning. Read More.
• Neutral Sentiment: Trading in TGNA was briefly halted with the exchange reason listed as “Merger Effective,” a technical step tied to the transaction close rather than new fundamental news.
• Negative Sentiment: A coalition of eight states filed suit to block the Nexstar–Tegna combination on antitrust grounds, introducing material legal risk that could delay, modify or unwind aspects of the deal. Read More.
• Negative Sentiment: California’s attorney general (joined by other states) sued to block the $6.2B merger, amplifying litigation risk and potential remedies that could affect future cash flows and integration. Read More.
• Negative Sentiment: DirecTV also filed suit seeking to block the deal on antitrust grounds, adding a commercial counterparty legal challenge that increases the odds of a protracted court battle. Read More.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Zacks Research raised TEGNA from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of TEGNA in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $19.75.

TEGNA Stock Up 9.3%

The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 16.22 and a beta of 0.12. The company has a current ratio of 2.28, a quick ratio of 2.28 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average price is $19.99 and its 200-day moving average price is $19.99.

TEGNA (NYSE:TGNA) last posted its quarterly earnings data on Monday, March 2nd. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.05. TEGNA had a net margin of 8.11% and a return on equity of 8.60%. The company had revenue of $706.11 million during the quarter, compared to analysts’ expectations of $701.29 million. During the same period in the prior year, the company posted $1.21 earnings per share. TEGNA’s revenue for the quarter was down 18.9% compared to the same quarter last year. On average, sell-side analysts expect that TEGNA Inc. will post 3.02 earnings per share for the current year.

TEGNA Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Tuesday, March 10th will be given a dividend of $0.125 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $0.50 dividend on an annualized basis and a yield of 2.3%. TEGNA’s dividend payout ratio is 37.04%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Financial Consulate Inc. acquired a new position in shares of TEGNA in the 3rd quarter valued at about $29,000. Federated Hermes Inc. grew its stake in TEGNA by 85.4% during the third quarter. Federated Hermes Inc. now owns 1,852 shares of the company’s stock worth $38,000 after purchasing an additional 853 shares during the period. Smartleaf Asset Management LLC grew its stake in TEGNA by 160.4% during the third quarter. Smartleaf Asset Management LLC now owns 2,377 shares of the company’s stock worth $48,000 after purchasing an additional 1,464 shares during the period. Measured Wealth Private Client Group LLC bought a new stake in TEGNA in the third quarter worth approximately $51,000. Finally, Bayforest Capital Ltd acquired a new position in TEGNA in the fourth quarter valued at approximately $53,000. 92.19% of the stock is owned by institutional investors.

TEGNA Company Profile

TEGNA Inc is a leading U.S. broadcast and digital media company that was formed as a spin-off from Gannett Co, Inc in June 2015. The company’s primary operations include the ownership and operation of local television stations, digital publishing platforms and marketing solutions designed to serve both national advertisers and local businesses. Through its portfolio of media assets, TEGNA delivers news, information and entertainment across multiple platforms, including over-the-air broadcasts, cable and satellite distribution, streaming services and proprietary websites and mobile apps.

TEGNA owns and operates approximately 60 television stations in 51 markets, reaching nearly 40 percent of U.S.