TEGNA‘s Board of Directors on Wednesday declared a dividend of 7 cents per share, payable on July 2 to stockholders of record as of the close of business on June 8.
Commenting on the dividend was TEGNA President/CEO Dave Lougee, who said, “We remain a best-in-class operator that is constantly innovating to grow our company. We remain committed to local journalism and serving our communities and continue to deliver value to our shareholders.”
With that, TEGNA shares saw a much needed-boost on Wall Street on Wednesday, climbing 3.8% to $11.13 and gaining an additional three cents in immediate after-hours trading.
It’s been an ugly year for TEGNA on Wall Street. After climbing to $15.59 on January 26, the company’s stock has been in retreat, landing at $10.51 on April 11.
The January peak brought TEGNA back to where it was on July 24, 2017, and before May 1, 2017.
In fact, TEGNA is near a five-year low, and has not been near $11.25 since May 1, 2013.
TEGNA carries a 1-year target price of $16.18.