Fifth Third Bancorp Buys New Holdings in Sirius XM Holdings Inc. $SIRI

Key Points

• Fifth Third Bancorp opened a new position in Sirius XM during the first quarter, buying 53,877 shares valued at about $1.24 million.
• Institutional interest in Sirius XM remains active, with several other funds also adding to or starting positions; overall, institutions now own 10.69% of the stock.
• Sirius XM recently reported earnings that beat expectations, raised its profile with a new quarterly dividend of $0.27 per share, and currently carries a Hold consensus rating with a target price of $28.

Fifth Third Bancorp purchased a new position in Sirius XM Holdings Inc. (NASDAQ:SIRI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 53,877 shares of the company's stock, valued at approximately $1,243,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Root Financial Partners LLC increased its stake in shares of Sirius XM by 612.8% during the first quarter. Root Financial Partners LLC now owns 1,390 shares of the company's stock valued at $32,000 after buying an additional 1,195 shares during the period. Rossby Financial LCC lifted its stake in Sirius XM by 57.7% in the fourth quarter. Rossby Financial LCC now owns 1,621 shares of the company's stock worth $32,000 after acquiring an additional 593 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Sirius XM in the fourth quarter valued at $40,000. Jessup Wealth Management Inc purchased a new position in Sirius XM during the 4th quarter valued at $40,000. Finally, Geneos Wealth Management Inc. raised its holdings in Sirius XM by 36.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,836 shares of the company's stock worth $41,000 after purchasing an additional 493 shares in the last quarter. Institutional investors own 10.69% of the company's stock.

Analyst Upgrades and Downgrades

SIRI has been the subject of several research reports. Morgan Stanley increased their target price on Sirius XM from $24.00 to $28.00 and gave the stock an "underweight" rating in a research report on Tuesday. Rosenblatt Securities reduced their price target on Sirius XM from $46.00 to $45.00 and set a "buy" rating on the stock in a research note on Tuesday, May 19th. Weiss Ratings upgraded Sirius XM from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, July 9th. Guggenheim reissued a "buy" rating on shares of Sirius XM in a research report on Wednesday, June 17th. Finally, Evercore set a $28.00 target price on shares of Sirius XM in a report on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $28.00.

Sirius XM Price Performance

NASDAQ SIRI opened at $29.80 on Friday. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.83. Sirius XM Holdings Inc. has a 12 month low of $19.76 and a 12 month high of $31.42. The company's 50 day moving average is $28.98 and its two-hundred day moving average is $24.98. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 0.64 and a beta of 0.95.

Sirius XM (NASDAQ:SIRI - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.02. Sirius XM had a net margin of 9.86% and a return on equity of 9.19%. The firm had revenue of $2.09 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same quarter in the prior year, the business earned $0.59 earnings per share. Sirius XM's revenue for the quarter was up 1.1% on a year-over-year basis. As a group, research analysts anticipate that Sirius XM Holdings Inc. will post 3.1 earnings per share for the current year.

Sirius XM Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Monday, August 10th will be given a dividend of $0.27 per share. The ex-dividend date is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 3.6%. Sirius XM's payout ratio is 45.57%.

Insider Buying and Selling

In related news, insider Scott Andrew Greenstein sold 20,744 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $29.83, for a total transaction of $618,793.52. Following the transaction, the insider directly owned 20,163 shares in the company, valued at approximately $601,462.29. This represents a 50.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.27% of the company's stock.

Trending Headlines about Sirius XM

Here are the key news stories impacting Sirius XM this week:

• Positive Sentiment: Sirius XM announced a new 24/7 WWE radio channel, replacing its current pro wrestling programming and expanding its sports/entertainment lineup ahead of SummerSlam. WWE partnering with SiriusXM to launch ‘WWE Radio’
• Positive Sentiment: The WWE partnership could help Sirius XM attract and retain subscribers by adding a popular, year-round fan channel and strengthening its exclusive content strategy. SiriusXM to launch 24/7 WWE Radio station
• Positive Sentiment: Analysts are noting that Sirius XM enters its upcoming earnings report with the potential for an earnings beat, which can support sentiment if management confirms improving fundamentals. Sirius XM (SIRI) Earnings Expected to Grow: What to Know Ahead of Next Week's Release
• Positive Sentiment: Management also announced a quarterly dividend of $0.27 per share, reinforcing Sirius XM’s appeal to income-focused investors.
• Neutral Sentiment: Additional coverage highlighted Sirius XM’s move to pick up two Pittsburgh radio stations, but the immediate stock impact is less clear than the WWE announcement. SiriusXM picking up 2 Pittsburgh radio stations
• Neutral Sentiment: Morgan Stanley also reportedly sees strong price appreciation potential for SIRI, adding to the bullish analyst backdrop. Morgan Stanley Forecasts Strong Price Appreciation for Sirius XM NASDAQ: SIRI Stock

About Sirius XM

Sirius XM Holdings Inc is a leading audio entertainment company specializing in subscription-based satellite and streaming radio services. Formed in 2008 through the merger of Sirius Satellite Radio and XM Satellite Radio, the company delivers a broad range of programming across music, sports, news, talk and comedy channels. Sirius XM's offerings include exclusive live sports play-by-play, artist-curated music channels, news coverage from major networks and original talk and entertainment series.

Headquartered in New York City, Sirius XM serves listeners throughout the United States and Canada, reaching tens of millions of subscribers.

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