Fifth Third Bancorp Boosts Holdings in TXNM Energy, Inc. $TXNM

Key Points

• Fifth Third Bancorp dramatically increased its stake in TXNM Energy, boosting holdings by 6,131.7% in the first quarter to 43,061 shares worth about $2.52 million.
• Institutional ownership remains very high, with hedge funds and other institutions holding 91.68% of TXNM Energy’s shares. Several large investors, including Vanguard and Balyasny Asset Management, also increased positions.
• TXNM Energy recently raised its quarterly dividend to $1.145 per share, implying a 7.9% annualized yield, even as the company reported quarterly earnings that missed analyst estimates.

Fifth Third Bancorp lifted its position in shares of TXNM Energy, Inc. (NYSE:TXNM - Free Report) by 6,131.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,061 shares of the company's stock after buying an additional 42,370 shares during the period. Fifth Third Bancorp's holdings in TXNM Energy were worth $2,517,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of TXNM Energy by 2.9% in the 4th quarter. Vanguard Group Inc. now owns 11,899,308 shares of the company's stock valued at $700,631,000 after purchasing an additional 330,382 shares during the last quarter. Balyasny Asset Management L.P. raised its holdings in TXNM Energy by 344.9% in the 3rd quarter. Balyasny Asset Management L.P. now owns 4,042,301 shares of the company's stock valued at $228,592,000 after buying an additional 3,133,794 shares during the period. Norges Bank acquired a new position in TXNM Energy in the fourth quarter valued at about $182,061,000. Geode Capital Management LLC lifted its position in TXNM Energy by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 2,570,550 shares of the company's stock valued at $151,378,000 after buying an additional 161,141 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in TXNM Energy by 53.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,931,107 shares of the company's stock worth $113,704,000 after buying an additional 668,929 shares during the period. 91.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TXNM has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of TXNM Energy in a research report on Friday, May 29th. Wall Street Zen cut shares of TXNM Energy from a "hold" rating to a "sell" rating in a research report on Sunday, July 5th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $61.25.

TXNM Energy Stock Up 0.8%

Shares of NYSE:TXNM opened at $57.85 on Tuesday. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.55 and a quick ratio of 0.36. The firm has a market capitalization of $6.40 billion, a PE ratio of 41.62, a price-to-earnings-growth ratio of 2.48 and a beta of 0.17. The firm's 50-day moving average is $57.96 and its two-hundred day moving average is $58.60. TXNM Energy, Inc. has a 1 year low of $55.64 and a 1 year high of $59.53.

TXNM Energy (NYSE:TXNM - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.09). TXNM Energy had a net margin of 6.96% and a return on equity of 7.18%. The business had revenue of $504.98 million during the quarter, compared to analysts' expectations of $506.24 million. During the same period in the previous year, the business posted $0.19 EPS. The company's revenue for the quarter was up 4.6% compared to the same quarter last year. Analysts predict that TXNM Energy, Inc. will post 3.07 EPS for the current year.

TXNM Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $1.145 per share. This is a positive change from TXNM Energy's previous quarterly dividend of $0.42. The ex-dividend date was Tuesday, June 30th. This represents a $4.58 annualized dividend and a yield of 7.9%. TXNM Energy's dividend payout ratio (DPR) is currently 121.58%.

TXNM Energy Profile

TXNM Energy, Inc, through its subsidiaries, provides electricity and electric services in the United States. It operates through Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP) segments. The PNM segment engages in the generation, transmission, and distribution of electricity. The segment owns and leases communications, office and other equipment, office space, vehicles, and real estate. It generates electricity using coal, natural gas and oil, and nuclear fuel and waste, as well as solar, wind, geothermal, and battery storage energy sources.

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