TEGNA Inc. (TGNA) To Go Ex-Dividend on June 7th

TEGNA Inc. (NYSE:TGNA) declared a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Investors of record on Friday, June 7th will be paid a dividend of 0.125 per share on Monday, July 1st. This represents a $0.50 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Friday, June 7th. This is an increase from TEGNA’s previous quarterly dividend of $0.11.

TEGNA has raised its dividend by an average of 14.2% per year over the last three years and has increased its dividend every year for the last 1 years. TEGNA has a dividend payout ratio of 22.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect TEGNA to earn $2.00 per share next year, which means the company should continue to be able to cover its $0.50 annual dividend with an expected future payout ratio of 25.0%.

TEGNA Stock Performance

NYSE TGNA opened at $15.03 on Friday. The firm has a market capitalization of $2.65 billion, a P/E ratio of 6.65 and a beta of 0.50. The stock has a 50-day simple moving average of $14.22 and a two-hundred day simple moving average of $14.83. The company has a debt-to-equity ratio of 1.14, a quick ratio of 2.48 and a current ratio of 2.48. TEGNA has a fifty-two week low of $13.18 and a fifty-two week high of $17.37.

TEGNA (NYSE:TGNA) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. The company had revenue of $714.30 million during the quarter, compared to analysts’ expectations of $718.86 million. TEGNA had a return on equity of 12.41% and a net margin of 16.38%. TEGNA’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period last year, the business earned $0.47 earnings per share. On average, equities analysts forecast that TEGNA will post 3.14 earnings per share for the current year.

Insider Activity

In related news, CEO David T. Lougee sold 43,750 shares of TEGNA stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $14.70, for a total value of $643,125.00. Following the completion of the sale, the chief executive officer now owns 725,651 shares in the company, valued at approximately $10,667,069.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on TGNA. Benchmark decreased their price objective on shares of TEGNA from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Wells Fargo & Company decreased their price objective on TEGNA from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, February 9th. Finally, JPMorgan Chase & Co. lowered their price target on shares of TEGNA from $17.00 to $15.00 and set a “neutral” rating on the stock in a research report on Friday, March 1st.

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.