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Reporter Name | Trelstad Lynn B. |
Relationship | EVP and COO, Media Operations |
Type | Sell |
Amount | $347,000 |
SEC Filing | Form 4 |
Lynn B. Trelstad, EVP and COO of Media Operations at TEGNA, sold 25,000 shares of common stock on September 12, 2024, at a price of $13.88 per share, totaling $347,000. Following the transaction, Trelstad directly owns 179,616 shares and indirectly owns 48,313 shares through various means including a 401(k) Plan and by spouse. The sale was conducted under a Rule 10b5-1 trading plan adopted on March 6, 2024.
SEC Filing: TEGNA INC [ TGNA ] - Form 4 - Sep. 16, 2024
Strange but true: seniors fear death less than running out of money in retirement.
And older Americans have legitimate reasons for this worry, even if they have dutifully saved for their golden years. That's because the traditional ways people manage retirement may no longer provide enough income to meet expenses - and with people generally living longer, the principal retirement savings is exhausted far too early in the retirement period.
In today's economic environment, traditional income investments are not working.
Years ago, investors at or close to retirement could put money into fixed-income assets and depend on appealing yields to generate consistent, solid pay streams to fund a comfortable retirement. 10-year Treasury bond rates in the late 1990s floated around 6.50%, but unfortunately, those days of being able to exclusively rely on Treasury yields to fund retirement income are over.
That means if you had $1 million in 10-year Treasuries, the difference in yield between 1999 and today is more than $1 million.
And lower bond yields aren't the only potential problem seniors are facing. Today's retirees aren't feeling as secure as they once did about Social Security, either. Benefit checks will still be coming for the foreseeable future, but based on current estimates, Social Security funds will run out of money in 2035.
So what's a retiree to do? You could cut your expenses to the bone, and take the risk that your Social Security checks don't shrink. Or you could find an alternative investment that provides a steady, higher-rate income stream to replace dwindling bond yields.
Invest in Dividend Stocks
As we see it, dividend-paying stocks from generally low-risk, top notch companies are a brilliant way to create steady and solid income streams to supplant low risk, low yielding Treasury and fixed-income alternatives.
Look for stocks that have paid steady, increasing dividends for years (or decades), and have not cut their dividends even during recessions.
One approach to recognizing appropriate stocks is to look for companies with an average dividend yield of 3% and positive average annual dividend growth. Numerous stocks hike dividends over time, counterbalancing inflation risks.
Here are three dividend-paying stocks retirees should consider for their nest egg portfolio.
TEGNA Inc. (TGNA)
is currently shelling out a dividend of $0.13 per share, with a dividend yield of 3.59%. This compares to the Broadcast Radio and Television industry's yield of 0% and the S&P 500's yield of 1.59%. The company's annualized dividend growth in the past year was 31.58%. Check TEGNA Inc. dividend history here>>>
Tapestry (TPR)
is paying out a dividend of $0.35 per share at the moment, with a dividend yield of 3.33% compared to the Retail - Apparel and Shoes industry's yield of 0% and the S&P 500's yield. The annualized dividend growth of the company was 16.67% over the past year. Check Tapestry dividend history here>>>
Currently paying a dividend of $1.24 per share,
T. Rowe Price (TROW)
has a dividend yield of 4.73%. This is compared to the Financial - Investment Management industry's yield of 2.56% and the S&P 500's current yield. Annualized dividend growth for the company in the past year was 1.64%. Check T. Rowe Price dividend history here>>>
But aren't stocks generally more risky than bonds?
The fact is that stocks, as an asset class, carry more risk than bonds. To counterbalance this, invest in superior quality dividend stocks that not only can grow over time but more significantly, can also decrease your overall portfolio volatility with respect to the broader stock market.
A silver lining to owning dividend stocks for your retirement portfolio is that many companies, especially blue chip stocks, increase their dividends over time, helping offset the effects of inflation on your potential retirement income.
Thinking about dividend-focused mutual funds or ETFs? Watch out for fees.
You may be thinking, "I like this dividend strategy, but instead of investing in individual stocks, I'm going to find a dividend-focused mutual fund or ETF." This approach can make sense, but be aware that some mutual funds and specialized ETFs carry high fees, which may reduce your dividend gains or income, and defeat the goal of this dividend investment approach. If you do wish to invest in a fund, do your research to find the best-quality dividend funds with the lowest fees.
Bottom Line
Seeking steady, consistent income through dividends can be a smart option for financial security in retirement, whether you invest in mutual funds, ETFs, or in dividend-paying stocks.
Zacks Investment Research
TEGNA TGNA shares have declined 9% year to date (YTD), underperforming the broader Zacks Consumer Discretionary Sector’s appreciation of 2.4%. It has also lagged the Zacks Broadcast Radio and Television industry and peers like Netflix NFLX, Fox FOXA and Nexstar Media Group NXST.
Over the same time frame, shares of Netflix, Fox and Nexstar Media have gained 41%, 31.1% and 2.4%, respectively, while the industry has appreciated 49.1%.
TGNA shares underperformance can be attributed to lower top-line growth due to reduced subscription revenues as well as a temporary disruption of service with a distribution partner. Sluggish Advertising and Marketing Services (AMS) revenues also impacted top-line growth. The decline in subscription and AMS revenues also negatively impacted operating income growth.
However, political revenues saw growth in the first-half of 2024. TEGNA expects strong political ad spending and the Summer Olympics to boost its top-line growth (9-12% range) for the third quarter. This is significant considering the fact that subscription and advertising revenue growth remains under pressure due to a sluggish macroeconomic environment and reduced national ad spending.
TGNA continues to successfully manage its expense goals, which is positive for investors. It expects third-quarter operating expenses to remain flat or decline slightly on a year-over-year basis.
So, the question for investors is - will higher political revenues and stringent cost control be enough to help TEGNA shares rebound? Let’s analyze.
TEGNA Inc. Price and Consensus
TEGNA Inc. price-consensus-chart | TEGNA Inc. Quote
Is Premion’s Strong Growth Enough to Aid TGNA’s Top Line?
TGNA has integrated Octillion with Premion, its industry - leading CTV/OTT advertising platform. Octillion is a futuristic demand side platform that is helping Premion expand its capabilities by combining technology and advertising solutions.
Premion has expanded TGNA’s reach to 210 markets to run streaming CTV advertising campaigns this year. Its local revenues grew double-digit in the second-quarter offset by weakness in national Premion revenues.
However, TEGNA believes that strong political advertising revenue will boost Premion’s top-line growth in 2024. The addition of Octillion will further boost growth in future years.
TEGNA recently signed a New Broadcast Rights Agreement with Dallas Mavericks and will deliver additional broadcasting experience to more than 10 million people in Texas. TGNA’s reach is 39% of all television households in the country and is the largest independent station group owner of the top four network affiliates, namely NBC, CBS, ABC and FOX, in the top 25 areas.
TGNA has also entered into agreements with NBC for the broadcast rights of the Paris Olympics, Washington Commanders, Indiana Fever and Seattle Kraken.
Although contractual rate increases have benefited TGNA’s top-line growth, subscriber decline has been negatively impacting subscription revenues. TEGNA expects to renew 20% of its traditional subscribers at the end of this year and another 45% in 2025.
Earnings Estimate Revision Shows Downward Trend for TGNA
The Zacks Consensus Estimate for both the third quarter of 2024 and the full year of 2024 earnings has shown a declining trend over the past 30 days.
The Zacks Consensus Estimate for third-quarter 2024 earnings is currently pegged at 83 cents, down 7.8% over the past 30 days. The consensus mark for third-quarter 2024 revenues is pegged at $792.44 million, indicating year-over-year growth of 11.1%.
For 2024, the Zacks Consensus Estimate for revenues is pegged at $3.12 billion, indicating year-over-year growth of 7.33%. The consensus mark for earnings is pegged at $3.07 per share, down 2% over the past 30 days.
TEGNA – To Buy, Hold or Sell?
TEGNA shares are currently undervalued, as suggested by a Value Score of A.
However, given the near-term challenges related to subscription and AMS revenues, we expect prospects to remain muted.
TGNA currently has a Zacks Rank #3 (Hold), which implies that investors may want to wait for a more favorable entry point.
You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Zacks Investment Research
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