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

Fifth Third Bancorp purchased a new position in shares of Sirius XM Holdings Inc. (NASDAQ:SIRI) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 53,877 shares of the company’s stock, valued at approximately $1,243,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC acquired a new position in shares of Sirius XM in the 4th quarter valued at $622,000. JPMorgan Chase & Co. grew its position in Sirius XM by 52.8% during the third quarter. JPMorgan Chase & Co. now owns 339,511 shares of the company’s stock valued at $7,902,000 after buying an additional 117,250 shares during the period. Hsbc Holdings PLC increased its holdings in Sirius XM by 858.4% in the fourth quarter. Hsbc Holdings PLC now owns 2,076,539 shares of the company’s stock valued at $41,726,000 after buying an additional 1,859,872 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Sirius XM by 82.8% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 191,161 shares of the company’s stock worth $3,822,000 after acquiring an additional 86,614 shares during the period. Finally, Norges Bank acquired a new position in Sirius XM in the 4th quarter worth about $57,124,000. 10.69% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting 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

Sirius XM Trading Down 0.2%

NASDAQ:SIRI opened at $29.80 on Friday. The company has a market capitalization of $10.03 billion, a PE ratio of 12.57, a P/E/G ratio of 0.64 and a beta of 0.95. Sirius XM Holdings Inc. has a 52-week low of $19.76 and a 52-week high of $31.42. The stock’s 50 day moving average price is $28.98 and its 200 day moving average price is $24.98. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.83.

Sirius XM (NASDAQ:SIRI) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02. The business had revenue of $2.09 billion during the quarter, compared to the consensus estimate of $2.07 billion. Sirius XM had a return on equity of 9.19% and a net margin of 9.86%.The company’s revenue was up 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 earnings per share. On average, research analysts anticipate that Sirius XM Holdings Inc. will post 3.1 EPS for the current year.

Sirius XM Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 26th. Investors of record on Monday, August 10th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.6%. Sirius XM’s dividend payout ratio (DPR) is currently 45.57%.

Analysts Set New Price Targets

SIRI has been the topic of several research analyst reports. Guggenheim reiterated a “buy” rating on shares of Sirius XM in a research report on Wednesday, June 17th. JPMorgan Chase & Co. increased their price target on shares of Sirius XM from $24.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Barrington Research boosted their price objective on shares of Sirius XM from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Rosenblatt Securities decreased their target price on shares of Sirius XM from $46.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, May 19th. Finally, Evercore set a $28.00 target price on shares of Sirius XM in a research note on Friday, May 1st. Four equities 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $28.00.

Insider Buying and Selling

In other Sirius XM news, insider Scott Andrew Greenstein sold 20,744 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $29.83, for a total transaction of $618,793.52. Following the completion of the sale, the insider directly owned 20,163 shares of the company’s stock, valued at approximately $601,462.29. This trade represents a 50.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.27% of the stock is currently owned by corporate insiders.

Sirius XM Profile

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.