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

Cornercap Investment Counsel Inc. lowered its stake in TEGNA Inc. (NYSE:TGNA) by 36.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. GAMMA Investing LLC increased its position in shares of TEGNA by 59.0% during the 4th quarter. GAMMA Investing LLC now owns 2,040 shares of the company’s stock worth $37,000 after purchasing an additional 757 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of TEGNA by 95.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,702 shares of the company’s stock valued at $31,000 after buying an additional 832 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in TEGNA by 4.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 23,193 shares of the company’s stock worth $424,000 after buying an additional 910 shares during the last quarter. PNC Financial Services Group Inc. raised its position in TEGNA by 34.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,364 shares of the company’s stock worth $80,000 after acquiring an additional 1,111 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in TEGNA by 7.4% in the third quarter. Sanctuary Advisors LLC now owns 17,994 shares of the company’s stock valued at $284,000 after acquiring an additional 1,239 shares during the last quarter. Institutional investors own 92.19% of the company’s stock.

TEGNA Stock Down 1.1 %

Shares of TGNA opened at $18.10 on Friday. The firm’s 50-day simple moving average is $18.03 and its 200 day simple moving average is $17.52. The company has a debt-to-equity ratio of 1.07, a quick ratio of 2.60 and a current ratio of 2.60. The firm has a market cap of $2.89 billion, a P/E ratio of 6.39 and a beta of 0.45. TEGNA Inc. has a 52 week low of $12.35 and a 52 week high of $19.62.

TEGNA Announces Dividend

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

Analyst Upgrades and Downgrades

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

TEGNA Profile

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.