TEGNA Shares Rise On Dividend News


Shareholders of broadcast TV company TEGNA will be getting a little bit of a bonus payment come October 1, should they become — or stay — shareholders of record as of September 6.

The company formerly known as Gannett on Wednesday saw its board of directors give the OK to a dividend of 7 cents per share, payable in just more than two months.

In making the announcement, TEGNA EVP/CFO Victoria Harker said, “TEGNA’s strategic initiatives, operational excellence and financial discipline continue to deliver stable and growing free cash flow and value for our shareholders.”

Indeed, TEGNA shares have been largely stable since the start of Q2, and year-to-date have grown from $11.03. As of 2:44pm Eastern, TGNA was trading at $15.13.

TEGNA is largely viewed as “undervalued” by Wall Street analysts and carries a 1-year target estimate of $18.13.