TYSONS, Va. - TEGNA Inc. (NYSE:TGNA), a major media company, announced a regular quarterly dividend for its shareholders. The Board of Directors has declared a dividend of 11.375 cents per share, which is slated for payment on April 1, 2024. Stockholders on record by the close of business on March 8, 2024, will be eligible for the dividend payout.
TEGNA operates as a significant player in the media industry, owning 64 television stations across 51 U.S. markets. It is recognized as the largest independent station group of top 4 network affiliates in the top 25 markets, with a reach extending to roughly 39 percent of all U.S. television households. The company also owns and operates multicast networks including the True Crime Network and Quest. Beyond television, TEGNA extends its reach through digital and over-the-top (OTT) platforms, providing marketing solutions through services like Premion, its OTT advertising service.
While TEGNA's press release includes forward-looking statements about anticipated growth and future plans, these statements are subject to a variety of market conditions and inherent risks. The media industry faces ongoing changes in consumer behavior, regulatory actions, and technological advancements that could impact the company's operations and financial results.
This dividend announcement is based on a press release statement from TEGNA Inc. and is intended to inform shareholders and the investment community about the company's latest financial distribution. As with any investment-related news, shareholders are encouraged to consider the broader market conditions and perform due diligence when assessing the company's financial health and prospects.
InvestingPro Insights
TEGNA Inc. (NYSE:TGNA) has recently confirmed its commitment to shareholder returns by declaring a regular quarterly dividend. This move aligns with the company's history of rewarding shareholders, as evidenced by the fact that TEGNA has not only maintained but also raised its dividend for 3 consecutive years, showcasing a high shareholder yield. This commitment is further underscored by the management's active share buyback strategy, signaling confidence in the company's value. These actions are part of what makes TEGNA an attractive option for investors seeking consistent returns.
On the financial metrics front, TEGNA's market capitalization stands at $2.84 billion, with a notably low P/E ratio of 5.06. This low P/E ratio, especially when viewed in light of near-term earnings growth, suggests that the stock may be undervalued. Furthermore, the company's PEG ratio, which measures the stock's price relative to its earnings growth rate, is just 0.25—indicating that TEGNA's stock price could be a bargain given its earnings growth potential.
However, investors should be aware that analysts have revised their earnings expectations downwards for the upcoming period, and anticipate a sales decline in the current year. These factors could potentially weigh on the company's near-term performance. Nevertheless, TEGNA's strong free cash flow yield, as highlighted by an InvestingPro Tip, suggests that the company is generating sufficient cash to support its dividend payments and other shareholder-friendly actions.
For those considering adding TEGNA to their portfolio, or current shareholders looking to deepen their understanding of the company's prospects, there are additional InvestingPro Tips available. In fact, there are 9 more tips that can be accessed through InvestingPro's platform, which could provide a more comprehensive view of the company's financial health and future outlook. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment analysis with valuable insights.
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