TEGNA Inc.’s Board of Directors has declared a dividend of 7 cents per share, payable on January 4, 2021 to stockholders of record as of the close of business on December 11, 2020.
The announcement did little to please investors, however, as TEGNA shares fell sharply in the last hour of trading to end the day at $12, down 3.4%.
It wipes out a month of gains, putting TGNA back where it was in late September.
Nevertheless, TEGNA management expressed confidence that it will withstand all of 2020, including new COVID-19 second wave nervousness that sent the Dow 30 down 3% and the Nasdaq down 3.1% on Wednesday.
“Throughout the challenging events of 2020, TEGNA has remained intensely focused on our core five-pillar strategy,” said TEGNA President/CEO Dave Lougee. “Our financial discipline and continued operational excellence have enabled us to remain well-positioned to continue delivering long-term value for our shareholders.”