TEGNA Inc.'s (NYSE:TGNA) Senior Vice President and Chief Legal Officer, Lauren Fisher Newberg, has sold 8,477 shares of the company's common stock, according to a recent SEC filing. The transaction, which took place on March 15, 2024, involved shares sold at a price of $15.00 each, resulting in a total sale amount of approximately $127,155.
The sale was significant as it left Fisher Newberg with only a single share in direct ownership. However, it's important to note that, according to the footnotes of the filing, Fisher Newberg still has indirect ownership of 847.052 shares through a 401(k) plan. The transaction appears to be related to restricted stock units that were awarded as part of Fisher Newberg's sign-on compensation, intended to compensate for the forfeiture of benefits from her previous employer.
The filing also clarified that even after this sale, Fisher Newberg continues to hold more than the required amount of company stock to meet TEGNA's ownership guidelines. This indicates a continued vested interest in the company's performance and alignment with shareholder interests.
Investors often monitor insider transactions as they can provide insights into an executive's confidence in the company's future. TEGNA Inc., a media company with a focus on television broadcasting, has its shares publicly traded and is followed by investors who keep a close eye on the movements of company insiders.
For those tracking TEGNA's stock performance and insider transactions, it's worth noting that the company's shares are listed on the New York Stock Exchange under the ticker symbol NYSE:TGNA.
InvestingPro Insights
TEGNA Inc. (NYSE:TGNA) has been navigating a challenging market environment, reflected in some of the recent metrics. The company's market capitalization stands at $2.52 billion, with a price-to-earnings (P/E) ratio of 6.28, which slightly increased to 6.71 when looking at the last twelve months as of Q4 2023. Despite the pressures faced, TEGNA's valuation suggests a robust free cash flow yield, an important indicator for investors seeking companies that can generate cash after funding the operations and capital expenditures.
An InvestingPro Tip for TEGNA highlights that the company has raised its dividend for three consecutive years, showcasing a commitment to returning value to shareholders. Additionally, TEGNA has maintained dividend payments for an impressive 54 consecutive years, which is a testament to its financial stability and reliability as an income-generating investment. For those interested in further analysis and insights, more InvestingPro Tips are available at: https://www.investing.com/pro/TGNA.
Another metric of note is the company's dividend yield, which stands at 3.18% as of the latest data, coupled with a 19.74% dividend growth in the last twelve months as of Q4 2023. This could be particularly appealing for income-focused investors. Moreover, TEGNA's liquid assets exceed its short-term obligations, indicating a solid liquidity position that may reassure investors about the company's ability to meet its short-term liabilities.
For investors and analysts looking for comprehensive information, there are additional InvestingPro Tips available that could shed light on TEGNA's financial health and future prospects. Utilize coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription for deeper insights and analytics that could enhance investment strategies.
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