Analysts Expect TEGNA Inc. (TGNA) to Post $0.22 EPS

Analysts forecast that TEGNA Inc. (NYSE:TGNA) will announce $0.22 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for TEGNA’s earnings, with the lowest EPS estimate coming in at $0.17 and the highest estimate coming in at $0.27. TEGNA posted earnings per share of $0.65 in the same quarter last year, which would indicate a negative year-over-year growth rate of 66.2%. The firm is expected to announce its next earnings results before the market opens on Wednesday, November 8th.

Zacks’ earnings per share calculations are an average based on a survey of sell-side research firms that follow TEGNA.

TEGNA (NYSE:TGNA) last issued its earnings results on Tuesday, August 1st. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.27 by $0.02. The company had revenue of $489.36 million during the quarter, compared to analyst estimates of $486.29 million. TEGNA had a return on equity of 20.51% and a net margin of 11.90%. The business’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS.

Several equities research analysts have recently weighed in on the company. Jefferies Group LLC reiterated a “hold” rating and issued a $14.00 price objective on shares of TEGNA in a research note on Monday. Noble Financial reiterated a “buy” rating on shares of TEGNA in a research note on Wednesday, October 11th. BidaskClub lowered TEGNA from a “hold” rating to a “sell” rating in a research note on Friday. ValuEngine upgraded TEGNA from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Finally, FBR & Co reiterated a “hold” rating and issued a $15.00 price objective on shares of TEGNA in a research note on Wednesday, September 20th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. TEGNA presently has an average rating of “Hold” and an average price target of $18.63.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. bought a new stake in TEGNA during the 1st quarter worth approximately $131,000. Chemung Canal Trust Co. bought a new position in TEGNA in the 1st quarter valued at $224,000. Jane Street Group LLC bought a new position in TEGNA in the 1st quarter valued at $235,000. Synovus Financial Corp boosted its position in TEGNA by 4.4% in the 2nd quarter. Synovus Financial Corp now owns 10,304 shares of the company’s stock valued at $148,000 after buying an additional 438 shares during the last quarter. Finally, FNY Partners Fund LP bought a new position in TEGNA in the 2nd quarter valued at $158,000. Institutional investors and hedge funds own 97.92% of the company’s stock.

Shares of TEGNA (NYSE TGNA) traded down 0.63% on Tuesday, hitting $12.58. The stock had a trading volume of 1,638,547 shares. The stock has a market cap of $2.71 billion, a P/E ratio of 15.38 and a beta of 1.72. The firm’s 50-day moving average is $12.76 and its 200 day moving average is $14.33. TEGNA has a 1-year low of $11.46 and a 1-year high of $17.06.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 8th were given a dividend of $0.07 per share. The ex-dividend date was Thursday, September 7th. This represents a $0.28 dividend on an annualized basis and a yield of 2.23%. TEGNA’s dividend payout ratio (DPR) is presently 16.97%.

TEGNA announced that its board has approved a share buyback program on Tuesday, September 19th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 11.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

TEGNA Company Profile

Tegna Inc has a portfolio of media and digital businesses that provide content. The Company’s segments include TEGNA Media (Media) and TEGNA Digital (Digital). As of December 31, 2016, its media business included 46 television stations operating in 38 markets and offered television programming and digital content.

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