TEGNA’s Board of Directors has declared a dividend of 7 cents per share, payable on July 1, to stockholders of record as of the close of business on June 7.
The move comes as the company’s stock is on its way to its highest level in two years.
As of 3:42pm Eastern, TEGNA shares were up 1.4% from Tuesday’s close, to $15.84.
That’s a strong affirmation in the company from investors, as TEGNA stock was priced at $10.75 as recently as December 17, 2018.
Further, it completes a rebound for the stock by returning it to prices last seen in April 2017.
Still, the five-year range for TGNA is relatively stable, with a high of $20.52 seen in June 2015 and a low of $10.17. That was seen on May 28 of last year.
“TEGNA’s strong balance sheet and operational excellence, combined with our ongoing strategic initiatives, continue to deliver stable and growing free cash flow and value for our shareholders,” TEGNA President/CEO Dave Lougee said.