Fifth Third Bancorp Increases Stock Position in Paramount Global (NASDAQ:PARA)

Fifth Third Bancorp boosted its stake in Paramount Global (NASDAQ:PARA) by 24.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,899 shares of the company’s stock after acquiring an additional 4,306 shares during the period. Fifth Third Bancorp’s holdings in Paramount Global were worth $262,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ossiam lifted its position in Paramount Global by 57.2% in the fourth quarter. Ossiam now owns 2,810 shares of the company’s stock valued at $29,000 after acquiring an additional 1,022 shares during the last quarter. Mitchell & Pahl Private Wealth LLC lifted its position in Paramount Global by 2.3% in the first quarter. Mitchell & Pahl Private Wealth LLC now owns 51,913 shares of the company’s stock valued at $621,000 after acquiring an additional 1,143 shares during the last quarter. Allworth Financial LP increased its stake in Paramount Global by 140.1% in the fourth quarter. Allworth Financial LP now owns 2,391 shares of the company’s stock valued at $25,000 after purchasing an additional 1,395 shares during the period. Treasurer of the State of North Carolina increased its stake in Paramount Global by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 260,198 shares of the company’s stock valued at $2,722,000 after purchasing an additional 1,640 shares during the period. Finally, Norinchukin Bank The increased its stake in Paramount Global by 6.8% in the fourth quarter. Norinchukin Bank The now owns 25,793 shares of the company’s stock valued at $270,000 after purchasing an additional 1,640 shares during the period. 73.00% of the stock is owned by hedge funds and other institutional investors.

Paramount Global Trading Up 0.6%

Shares of Paramount Global stock opened at $12.04 on Thursday. Paramount Global has a 52-week low of $9.59 and a 52-week high of $12.54. The company has a quick ratio of 1.18, a current ratio of 1.29 and a debt-to-equity ratio of 0.84. The company’s 50-day simple moving average is $11.66 and its 200-day simple moving average is $11.28. The firm has a market cap of $8.12 billion, a price-to-earnings ratio of -1.46, a price-to-earnings-growth ratio of 3.62 and a beta of 1.19.

Paramount Global (NASDAQ:PARA) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. Paramount Global had a negative net margin of 19.09% and a positive return on equity of 4.80%. The business had revenue of $7.19 billion for the quarter, compared to analyst estimates of $7.14 billion. During the same period in the previous year, the business posted $0.62 earnings per share. The business’s revenue was down 6.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Paramount Global will post 1.77 earnings per share for the current year.

Paramount Global Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Monday, June 16th will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.20 annualized dividend and a yield of 1.66%. Paramount Global’s payout ratio is currently -2.43%.

Wall Street Analysts Forecast Growth

PARA has been the topic of a number of recent research reports. Guggenheim restated a “buy” rating and issued a $14.00 price objective on shares of Paramount Global in a research note on Thursday, February 27th. JPMorgan Chase & Co. dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 21st. Needham & Company LLC restated a “hold” rating on shares of Paramount Global in a research note on Thursday, February 27th. UBS Group dropped their price objective on shares of Paramount Global from $11.00 to $10.00 and set a “sell” rating on the stock in a research note on Tuesday, April 15th. Finally, Benchmark dropped their price objective on shares of Paramount Global from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Six analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Paramount Global currently has a consensus rating of “Hold” and an average target price of $11.33.

About Paramount Global

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.