TEGNA Inc. (TGNA) Plunges 8.70% Amid Earnings Miss, Analyst Downgrade

TEGNA Inc. (TGNA) shares fell 2.84% today, marking the second consecutive day of decline, with a total drop of 8.70% over the past two days. The stock price hit its lowest level since October 2024, experiencing an intraday decline of 4.60%.

TEGNA Inc. recently released its fourth-quarter earnings for 2024, revealing a mixed performance. While the company's earnings per share (EPS) fell short of analyst expectations, its revenues saw a year-over-year increase, largely driven by the robust election cycle. This earnings report has likely contributed to the recent volatility in TEGNA's stock price, as investors reassess the company's financial health and future prospects.

Guggenheim has adjusted its price target for TEGNA, lowering it to $20. This reduction suggests a more cautious outlook on the stock's potential, which could be influencing investor sentiment and contributing to the recent decline in share price. The lowered target may reflect concerns about the company's ability to maintain its growth trajectory or meet future earnings expectations.

Victory Capital Management Inc. has decreased its stake in TEGNA by 7.4% during the fourth quarter. This move could indicate a lack of confidence in the stock or a strategic shift in the investment firm's portfolio. Such a reduction in holdings by a significant investor can often signal broader market concerns and may have a negative impact on the stock price.

TEGNA has announced that it will go ex-dividend on March 7, 2025, with a dividend of $0.125 per share. This announcement could attract dividend-focused investors, who may see the stock as an attractive option for income generation. However, as the ex-dividend date approaches, the stock price may experience some volatility as investors adjust their positions to capture the dividend payment.