Tegna Inc (TGNA) Plans $0.07 Quarterly Dividend

Tegna Inc (NYSE:TGNA) declared a quarterly dividend on Friday, February 23rd, Wall Street Journal reports. Stockholders of record on Friday, March 9th will be paid a dividend of 0.07 per share on Monday, April 2nd. This represents a $0.28 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Thursday, March 8th.

Tegna has a payout ratio of 25.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Tegna to earn $1.52 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 18.4%.

NYSE:TGNA traded up $0.03 during mid-day trading on Thursday, reaching $11.39. The stock had a trading volume of 2,845,530 shares, compared to its average volume of 2,208,646. The company has a quick ratio of 1.96, a current ratio of 1.96 and a debt-to-equity ratio of 3.02. The company has a market cap of $2,460.03, a P/E ratio of 5.35, a PEG ratio of 5.48 and a beta of 1.55. Tegna has a twelve month low of $11.14 and a twelve month high of $16.83.

Tegna (NYSE:TGNA) last announced its quarterly earnings data on Thursday, March 1st. The company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.01. The firm had revenue of $480.45 million during the quarter, compared to the consensus estimate of $491.79 million. Tegna had a net margin of 20.74% and a return on equity of 19.56%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.74 earnings per share. analysts expect that Tegna will post 1.69 EPS for the current year.

TGNA has been the subject of a number of research analyst reports. Noble Financial reaffirmed a “buy” rating on shares of Tegna in a report on Tuesday, December 19th. Zacks Investment Research raised shares of Tegna from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Friday, February 2nd. Benchmark reaffirmed a “buy” rating and issued a $19.00 target price on shares of Tegna in a report on Thursday, February 22nd. ValuEngine cut shares of Tegna from a “buy” rating to a “hold” rating in a report on Thursday, March 1st. Finally, B. Riley dropped their target price on shares of Tegna from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Tuesday, March 20th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. Tegna currently has a consensus rating of “Hold” and an average target price of $15.67.

In other news, Director Neal Shapiro sold 12,385 shares of the firm’s stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $12.57, for a total transaction of $155,679.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Lynn B. Trelstad sold 3,112 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $12.85, for a total transaction of $39,989.20. Following the transaction, the chief operating officer now directly owns 24,152 shares of the company’s stock, valued at $310,353.20. The disclosure for this sale can be found here. Company insiders own 0.44% of the company’s stock.

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About Tegna

Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.

Dividend History for Tegna (NYSE:TGNA)

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