TEGNA (TGNA) Declares $0.11 Dividend
TEGNA said on February 21, 2024 that its board of directors declared a regular quarterly dividend of $0.11 per share ($0.46 annualized). Previously, the company paid $0.11 per share.
Shares must be purchased before the ex-div date of March 7, 2024 to qualify for the dividend. Shareholders of record as of March 8, 2024 will receive the payment on April 1, 2024.
At the current share price of $14.51 / share, the stock's dividend yield is 3.14%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.08%, the lowest has been 1.37%, and the highest has been 3.30%. The standard deviation of yields is 0.40 (n=233).
The current dividend yield is 2.64 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.14. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
- Read the Ultimate Guide to Dividend Harvesting.
The company's 3-Year dividend growth rate is 0.62%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 865 funds or institutions reporting positions in TEGNA. This is an increase of 122 owner(s) or 16.42% in the last quarter. Average portfolio weight of all funds dedicated to TGNA is 0.25%, an increase of 6.62%. Total shares owned by institutions decreased in the last three months by 3.84% to 203,681K shares. 
The put/call ratio of TGNA is 0.61, indicating a bullish outlook.
Analyst Price Forecast Suggests 36.37% Upside
As of January 18, 2024, the average one-year price target for TEGNA is 19.79. The forecasts range from a low of 17.17 to a high of $23.10. The average price target represents an increase of 36.37% from its latest reported closing price of 14.51.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for TEGNA is 3,734MM, an increase of 20.37%. The projected annual non-GAAP EPS is 4.01.
What are Other Shareholders Doing?
IJH - iShares Core S&P Mid-Cap ETF holds 6,298K shares representing 3.20% ownership of the company. In it's prior filing, the firm reported owning 6,826K shares, representing a decrease of 8.38%. The firm decreased its portfolio allocation in TGNA by 18.88% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,292K shares representing 3.19% ownership of the company. In it's prior filing, the firm reported owning 7,012K shares, representing a decrease of 11.45%. The firm decreased its portfolio allocation in TGNA by 16.44% over the last quarter.
Geode Capital Management holds 5,761K shares representing 2.92% ownership of the company. In it's prior filing, the firm reported owning 5,636K shares, representing an increase of 2.16%. The firm decreased its portfolio allocation in TGNA by 5.72% over the last quarter.
Lsv Asset Management holds 5,450K shares representing 2.77% ownership of the company. In it's prior filing, the firm reported owning 4,668K shares, representing an increase of 14.33%. The firm increased its portfolio allocation in TGNA by 14.99% over the last quarter.
Boston Partners holds 5,328K shares representing 2.70% ownership of the company. In it's prior filing, the firm reported owning 10,575K shares, representing a decrease of 98.49%. The firm decreased its portfolio allocation in TGNA by 79.82% over the last quarter.
TEGNA Background Information
(This description is provided by the company.)
TEGNA Inc. is an innovative media company that serves the greater good of its communities. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. TEGNA also owns leading multicast networks True Crime Network and Quest. TEGNA Marketing Solutions (TMS) offers innovative solutions to help businesses reach consumers across television, digital and over-the-top (OTT) platforms, including Premion, TEGNA's OTT advertising service.
Additional reading:
- FIFTEENTH AMENDMENT TO THE AMENDED AND RESTATED COMPETITIVE ADVANCE AND REVOLVING CREDIT AGREEMENT
- TEGNA By-laws of TEGNA Inc. Reflects all amendments through December 6, 2023 ARTICLE I. Meetings of Stockholders
- FOR IMMEDIATE RELEASE November 9, 2023
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