TEGNA (TGNA) Declares $0.11 Dividend
TEGNA said on October 26, 2023 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 December 7, 2023 to qualify for the dividend. Shareholders of record as of December 8, 2023 will receive the payment on January 2, 2024.
At the current share price of $15.11 / share, the stock's dividend yield is 3.01%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.06%, the lowest has been 1.37%, and the highest has been 3.30%. The standard deviation of yields is 0.35 (n=235).
The current dividend yield is 2.71 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 729 funds or institutions reporting positions in TEGNA. This is a decrease of 26 owner(s) or 3.44% in the last quarter. Average portfolio weight of all funds dedicated to TGNA is 0.23%, a decrease of 23.21%. Total shares owned by institutions decreased in the last three months by 5.56% to 216,698K shares. 
The put/call ratio of TGNA is 0.35, indicating a bullish outlook.
Analyst Price Forecast Suggests 41.76% Upside
As of October 31, 2023, the average one-year price target for TEGNA is 21.42. The forecasts range from a low of 19.19 to a high of $24.15. The average price target represents an increase of 41.76% from its latest reported closing price of 15.11.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for TEGNA is 3,200MM, an increase of 0.25%. The projected annual non-GAAP EPS is 2.22.
What are Other Shareholders Doing?
Boston Partners holds 10,129K shares representing 5.03% ownership of the company. In it's prior filing, the firm reported owning 10,497K shares, representing a decrease of 3.63%. The firm increased its portfolio allocation in TGNA by 133.33% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,012K shares representing 3.48% ownership of the company. In it's prior filing, the firm reported owning 6,947K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in TGNA by 10.56% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 6,826K shares representing 3.39% ownership of the company. In it's prior filing, the firm reported owning 6,883K shares, representing a decrease of 0.83%. The firm decreased its portfolio allocation in TGNA by 8.77% over the last quarter.
Geode Capital Management holds 6,178K shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 4,815K shares, representing an increase of 22.06%. The firm increased its portfolio allocation in TGNA by 11.49% over the last quarter.
NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 5,810K shares representing 2.88% ownership of the company. In it's prior filing, the firm reported owning 5,846K shares, representing a decrease of 0.62%. The firm decreased its portfolio allocation in TGNA by 9.20% 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:
- TEGNA INC. EXECUTIVE OFFICER CASH SEVERANCE POLICY Effective Date: October 25, 2023
- Form of Cash Retention Award Agreement
- Form of Restricted Stock Unit Award Agreement AWARD AGREEMENT STOCK UNITS
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