TEGNA Board Declares Quarterly Dividend

Its shares are up by 16.2% in value, defying the ominous prognostications of Soohyung Kim that the company would flail without moving forward under his direction and board orchestrations. Indeed, TEGNA appears to be doing just fine as a broadcast TV station ownership group under its current asset mix.

And, that has led the TEGNA Board of Directors to declare a regular quarterly dividend.

The dividend is valued at $0.1250 cents per share and is payable on January 2, 2025 to shareholders of record at the close of business on December 6, 2024.

Its been a banner November for TEGNA, the largest NBC affiliate owner. On November 7, its stock peaked at $19.32 per share and is presently trading in the high $17 range — its best performance since February 2023. In fact, TEGNA shares are up $5 in value since mid-June.

Does this point to a good Q4 report from President/CEO Mike Steib, CFO Julie Heskett, and EVP/COO of Media Operations Lynn Beall, who will be leaving the company in mid-2025?

Those answers won’t come until well into the New Year, but the consensus per-share estimate offered by 5 analysts polled by Yahoo! Finance is $1.19, up from $0.43 last year. Then comes difficult comps, although Q1 2025 is forecast to see flat EPS growth ($0.45 per share).

Six analysts chimed in with revenue estimates for TEGNA in Q4, putting the consensus at $870.79 million.

For Q4, “particularly dirty” comps are in the forecast, Heskett shared during the Q&A period, responding to an analyst query.

Still, total company GAAP revenue is forecast to grow between 19% and 21%. Non-GAAP operating expenses are predicted to be up by 1%-3%.