Fifth Third Bancorp Lowers Stock Position in Enbridge Inc $ENB

Key Points

• Fifth Third Bancorp reduced its holdings in Enbridge Inc by 3.6%, owning 145,926 shares after selling 5,391 shares, valued at $6.61 million at the end of the second quarter.
• Enbridge recently increased its quarterly dividend to $0.6839, resulting in an annualized payout of $2.74 and a dividend yield of 5.5%.
• Analysts have mixed ratings on Enbridge, with a consensus rating of "Moderate Buy" and a target price of $60.50, despite recent cuts to ratings by some firms.

Fifth Third Bancorp lessened its holdings in Enbridge Inc (NYSE:ENB - Free Report) TSE: ENB by 3.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 145,926 shares of the pipeline company's stock after selling 5,391 shares during the period. Fifth Third Bancorp's holdings in Enbridge were worth $6,613,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Dagco Inc. purchased a new stake in Enbridge during the first quarter valued at approximately $25,000. Garde Capital Inc. purchased a new stake in Enbridge during the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Enbridge during the first quarter valued at approximately $28,000. Accent Capital Management LLC purchased a new stake in Enbridge during the first quarter valued at approximately $30,000. Finally, Wolff Wiese Magana LLC lifted its position in Enbridge by 91.3% during the first quarter. Wolff Wiese Magana LLC now owns 765 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 365 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Jefferies Financial Group raised shares of Enbridge from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. National Bankshares reissued a "sector perform" rating on shares of Enbridge in a research report on Tuesday, August 5th. Wall Street Zen cut shares of Enbridge from a "hold" rating to a "sell" rating in a research report on Sunday, September 21st. Argus upped their price target on shares of Enbridge from $50.00 to $54.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Finally, Zacks Research lowered shares of Enbridge from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 17th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $60.50.

Enbridge Trading Down 0.8%

Shares of Enbridge stock opened at $49.57 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.65 and a debt-to-equity ratio of 1.58. Enbridge Inc has a 12-month low of $39.73 and a 12-month high of $50.15. The firm has a market capitalization of $108.11 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 4.57 and a beta of 0.80. The firm's 50 day simple moving average is $47.49 and its two-hundred day simple moving average is $45.80.

Enbridge (NYSE:ENB - Get Free Report) TSE: ENB last released its quarterly earnings data on Friday, August 1st. The pipeline company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $10.56 billion. Enbridge had a net margin of 10.11% and a return on equity of 10.77%. During the same quarter in the prior year, the business earned $0.58 earnings per share. Analysts predict that Enbridge Inc will post 2.14 EPS for the current year.

Enbridge Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 1st. Stockholders of record on Friday, August 15th were paid a $0.6839 dividend. The ex-dividend date was Friday, August 15th. This is an increase from Enbridge's previous quarterly dividend of $0.68. This represents a $2.74 dividend on an annualized basis and a dividend yield of 5.5%. Enbridge's dividend payout ratio (DPR) is currently 134.98%.

About Enbridge

Enbridge Inc, together with its subsidiaries, operates as an energy infrastructure company. The company operates through five segments: Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services. The Liquids Pipelines segment operates pipelines and related terminals to transport various grades of crude oil and other liquid hydrocarbons in Canada and the United States.

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