TEGNA Inc. (NYSE:TGNA) to Issue $0.13 Quarterly Dividend

TEGNA Inc. (NYSE:TGNA) announced a quarterly dividend on Tuesday, February 11th,RTT News reports. Shareholders of record on Friday, March 7th will be given a dividend of 0.125 per share on Tuesday, April 1st. This represents a $0.50 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, March 7th.

TEGNA has increased its dividend payment by an average of 11.3% annually over the last three years. TEGNA has a payout ratio of 13.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect TEGNA to earn $1.68 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 29.8%.

TEGNA Price Performance

Shares of TGNA opened at $18.13 on Thursday. The company has a 50 day moving average of $18.31 and a 200-day moving average of $16.68. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.07. The stock has a market capitalization of $2.92 billion, a P/E ratio of 6.41 and a beta of 0.52. TEGNA has a twelve month low of $12.35 and a twelve month high of $19.62.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TGNA. Benchmark lifted their price target on shares of TEGNA from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Wells Fargo & Company raised TEGNA from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $21.00 to $23.00 in a research report on Thursday, December 19th. StockNews.com raised TEGNA from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price target on TEGNA from $16.00 to $19.00 and gave the company a “neutral” rating in a research note on Tuesday, November 12th. Finally, Guggenheim reiterated a “buy” rating and set a $22.00 price objective on shares of TEGNA in a research note on Friday, January 24th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.