Cornercap Investment Counsel Inc. Sells 13,246 Shares of TEGNA Inc. (NYSE:TGNA)

Cornercap Investment Counsel Inc. decreased its position in shares of TEGNA Inc. (NYSE:TGNA) by 36.6% in the 4th quarter, HoldingsChannel reports. The firm owned 22,923 shares of the company’s stock after selling 13,246 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in TEGNA were worth $419,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Pictet Asset Management Holding SA lifted its holdings in shares of TEGNA by 4.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company’s stock worth $424,000 after acquiring an additional 910 shares during the period. Norges Bank acquired a new position in TEGNA during the fourth quarter valued at approximately $12,170,000. JPMorgan Chase & Co. lifted its stake in TEGNA by 49.5% during the fourth quarter. JPMorgan Chase & Co. now owns 425,565 shares of the company’s stock worth $7,784,000 after purchasing an additional 140,987 shares during the last quarter. Elo Mutual Pension Insurance Co acquired a new stake in shares of TEGNA in the 4th quarter valued at $206,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of TEGNA in the 4th quarter valued at $1,692,000. 92.19% of the stock is currently owned by institutional investors and hedge funds.

TEGNA Price Performance

TEGNA stock opened at $18.10 on Friday. The stock has a 50-day moving average price of $18.03 and a two-hundred day moving average price of $17.52. TEGNA Inc. has a 12 month low of $12.35 and a 12 month high of $19.62. The company has a market capitalization of $2.89 billion, a PE ratio of 6.39 and a beta of 0.45. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.07.

TEGNA Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 7th will be given a $0.125 dividend. This represents a $0.50 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, March 7th. TEGNA’s dividend payout ratio (DPR) is currently 14.12%.

Wall Street Analysts Forecast Growth

TGNA has been the subject of several recent analyst reports. StockNews.com downgraded TEGNA from a “buy” rating to a “hold” rating in a research report on Friday, February 28th. Guggenheim reissued a “buy” rating and issued a $22.00 target price on shares of TEGNA in a report on Friday, January 24th. Finally, Wells Fargo & Company raised shares of TEGNA from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $21.00 to $23.00 in a report on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.75.

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.