Bank of America Corp DE Has $27.24 Million Stake in Paramount Skydance Corporation $PSKY

Key Points

• Bank of America cut its Paramount Skydance stake by 49.2% in the first quarter, selling 2.93 million shares and retaining 3.02 million shares valued at $27.24 million. Institutional investors and hedge funds collectively own 73% of PSKY.
• Analyst sentiment remains cautious: PSKY has a consensus “Reduce” rating, with 8 Sell, 5 Hold and 2 Buy ratings and an average price target of $11.38. Several firms recently lowered their targets, including Arete Research, which set a $2 target.
• Paramount Skydance exceeded quarterly earnings expectations with EPS of $0.18 versus the $0.15 consensus on $6.91 billion in revenue. The company also declared a quarterly dividend of $0.05 per share, implying a 2.0% annualized yield.

Bank of America Corp DE trimmed its stake in Paramount Skydance Corporation (NASDAQ:PSKY - Free Report) by 49.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,020,390 shares of the company's stock after selling 2,929,062 shares during the period. Bank of America Corp DE owned 0.27% of Paramount Skydance worth $27,244,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSKY. CYBER HORNET ETFs LLC acquired a new position in Paramount Skydance in the 3rd quarter valued at $25,000. Huntington National Bank lifted its position in Paramount Skydance by 108.2% during the 4th quarter. Huntington National Bank now owns 2,259 shares of the company's stock worth $30,000 after acquiring an additional 1,174 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Paramount Skydance by 539.3% during the fourth quarter. Larson Financial Group LLC now owns 2,295 shares of the company's stock valued at $31,000 after acquiring an additional 1,936 shares during the period. Kelleher Financial Advisors bought a new stake in Paramount Skydance during the third quarter valued at about $32,000. Finally, Golden State Wealth Management LLC grew its position in shares of Paramount Skydance by 317.3% in the fourth quarter. Golden State Wealth Management LLC now owns 2,863 shares of the company's stock valued at $38,000 after purchasing an additional 2,177 shares during the last quarter. 73.00% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. UBS Group dropped their price objective on Paramount Skydance from $10.00 to $8.00 and set a "sell" rating on the stock in a research note on Wednesday, August 5th. Wells Fargo & Company decreased their target price on Paramount Skydance from $8.00 to $7.00 and set an "underweight" rating for the company in a research note on Tuesday, May 5th. Weiss Ratings raised Paramount Skydance from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday, August 6th. Guggenheim dropped their price target on Paramount Skydance from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 5th. Finally, Arete Research reiterated a "sell" rating and set a $2.00 price target on shares of Paramount Skydance in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and eight have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Reduce" and a consensus price target of $11.38.

Paramount Skydance Stock Performance

Shares of PSKY opened at $10.14 on Monday. The stock's 50-day moving average price is $9.40 and its 200 day moving average price is $10.16. The company has a quick ratio of 0.88, a current ratio of 1.04 and a debt-to-equity ratio of 1.13. The firm has a market capitalization of $11.38 billion, a price-to-earnings ratio of 34.97, a P/E/G ratio of 0.65 and a beta of 1.45. Paramount Skydance Corporation has a 12-month low of $7.62 and a 12-month high of $20.86.

Paramount Skydance (NASDAQ:PSKY - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.03. The company had revenue of $6.91 billion during the quarter. Paramount Skydance had a positive return on equity of 4.11% and a negative net margin of 2.13%. As a group, research analysts predict that Paramount Skydance Corporation will post 0.58 earnings per share for the current year.

Paramount Skydance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.05 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.20 dividend on an annualized basis and a yield of 2.0%. Paramount Skydance's payout ratio is currently 68.97%.

About Paramount Skydance

Paramount Skydance Media Group Nasdaq: PSKY is a media and entertainment company created through the proposed combination of Paramount Global’s filmed entertainment and streaming operations with Skydance Media, a privately held content studio. The combined business will encompass the development, production and distribution of feature films, television programming and digital content, drawing on a library of legacy Paramount Pictures franchises alongside Skydance’s blockbuster tentpoles and animation slate.

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