DekaBank Reduces Stake in TEGNA Inc. by 15,728 Shares

DekaBank Deutsche Girozentrale has reduced its stake in TEGNA Inc. (NYSE: TGNA) by selling 15,728 shares during the second quarter of 2023. According to the firm’s recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), DekaBank now holds 451,928 shares, which amounts to approximately 0.28% of TEGNA’s total stock. The value of this stake is estimated at $7.5 million.

Several institutional investors have also adjusted their positions in TEGNA. Notably, the Virginia Retirement Systems acquired a new stake in the company, investing $2.35 million during the same quarter. Allianz Asset Management GmbH significantly increased its holdings by 88.3%, purchasing an additional 247,414 shares, bringing its total to 527,566 shares valued at $8.84 million. Meanwhile, Capital Management Corp VA expanded its position by 19.7%, now owning 920,820 shares worth $15.43 million.

Meritage Portfolio Management and Vanguard Personalized Indexing Management LLC also increased their stakes by 2.7% and 6.0%, respectively. Currently, institutional investors collectively own 92.19% of TEGNA’s stock.

Current Stock Performance and Dividends

As of the latest trading, TEGNA’s stock opened at $20.03. The company has recorded a 50-day simple moving average of $20.63 and a 200-day simple moving average of $18.14. Over the past year, TEGNA has experienced a low of $14.87 and a high of $21.35. TEGNA Inc. holds a market capitalization of $3.23 billion and a price-to-earnings ratio of 7.21.

In addition to stock performance, TEGNA declared a quarterly dividend of $0.125 per share, which was paid on October 1, 2023. Shareholders of record on September 5, 2023 received this dividend, resulting in an annualized dividend of $0.50 and a yield of 2.5%. The company’s current dividend payout ratio stands at 17.99%.

Analyst Ratings and Market Outlook

Recent evaluations from analysts reflect diverse opinions on TEGNA’s stock performance. Guggenheim has reaffirmed a “neutral” rating, setting a price target of $19.00. Conversely, Wells Fargo & Company downgraded their rating from “strong buy” to “hold.” Weiss Ratings maintained a “buy (B-)” rating, while Zacks Research adjusted their recommendation from “hold” to “strong sell.” Among analysts, two have rated TEGNA as a Buy, three have issued a Hold rating, and one has assigned a Sell rating. The average rating currently stands at “Hold” with a target price of $19.75, according to MarketBeat.

About TEGNA Inc.

TEGNA Inc. is a prominent media company that provides broadcast advertising and marketing products and services. The organization operates 47 television stations across 39 markets in the United States, producing local programming that includes news, sports, and entertainment. The company’s offerings encompass both local and national non-political advertising, political advertising, and digital marketing services, among others.

With a strategic focus on local engagement and a robust advertising portfolio, TEGNA continues to navigate the evolving media landscape, aiming to enhance its market position and shareholder value.