TEGNA sets quarterly dividend at 12.5 cents per share

TYSONS, Va. - TEGNA Inc. (NYSE:TGNA), a company with a portfolio of 64 television stations in 51 U.S. markets, has announced a regular quarterly dividend of 12.5 cents per share. The declared dividend is payable on January 2, 2025, to shareholders who are on record as of the close of business on December 6, 2024.

This financial update comes as part of TEGNA's ongoing commitment to providing value to its stockholders. TEGNA is recognized for its dedication to serving local communities through reliable journalism and engaging content, as well as for offering marketing solutions to help businesses grow.

The announcement of the dividend is in line with TEGNA's financial strategies and capital allocation plan, which includes dividends, share repurchases, and strategic investments, with the objective of enhancing long-term shareholder value. However, the company also acknowledges that market conditions and various risks could impact its operations and financial outcomes.

Investors are reminded that forward-looking statements such as growth rates and financial expectations are based on assumptions and subject to risks and uncertainties. TEGNA's performance could differ materially from projections due to factors like market price volatility, legal proceedings, regulatory actions, consumer behavior changes, and other economic and technological influences.

The information regarding the dividend declaration is based on a press release statement from TEGNA Inc. and does not include any speculative content or broader industry implications. The company's performance and strategies are subject to the changing dynamics of the media industry and the financial markets.

TEGNA's commitment to community-oriented journalism and content creation continues to be a cornerstone of its business model, aiming to reach a vast audience across various platforms including web, mobile apps, streaming, and linear television. As the company prepares to distribute the announced dividend, it remains focused on its operational objectives and financial health.

In other recent news, TEGNA Inc. reported a noteworthy revenue increase in its Third Quarter 2024 Earnings Conference Call. The company's revenue rose by 13% year-over-year to $807 million, primarily driven by political advertising. TEGNA's management, including CEO Mike Steib and CFO Julie Heskett, detailed a future strategy that focuses on digital growth, operational efficiency, and effective capital allocation. However, the company is cautious about the 2025 outlook due to the expected absence of political advertising revenue. In the light of potential FCC (BME:FCC) regulatory changes, TEGNA is also considering their impact on acquisitions and duopoly rules. Analysts have noted the company's strategy to reduce expenses, which dropped by 2% in Q3, and its return of $91 million to shareholders. These recent developments underline TEGNA's ongoing efforts to adapt to an evolving media landscape.

InvestingPro Insights

TEGNA Inc.'s recent dividend announcement aligns with its track record of consistent shareholder returns. According to InvestingPro data, TEGNA has maintained dividend payments for an impressive 54 consecutive years, demonstrating a long-standing commitment to returning value to shareholders. This consistency is further underscored by an InvestingPro Tip indicating that the company has raised its dividend for 3 consecutive years.

The company's financial health appears robust, with a P/E ratio of 5.9 based on the last twelve months as of Q3 2024, suggesting that the stock may be undervalued relative to its earnings. This is complemented by another InvestingPro Tip highlighting that TEGNA's valuation implies a strong free cash flow yield, which could provide the company with flexibility for future dividend increases or other shareholder-friendly actions.

TEGNA's market performance has been noteworthy, with a strong return over the last three months, as pointed out by an InvestingPro Tip. This positive momentum is reflected in the stock's 27.48% price total return over the same period, indicating investor confidence in the company's prospects.

For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of TEGNA's financial position and future outlook. Currently, there are 7 more InvestingPro Tips available for TEGNA, which could offer valuable perspectives for those considering the stock's potential in light of its recent dividend declaration.

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