Truist Financial Corp Has $622,000 Position in Paramount Global (NASDAQ:PARA)

Truist Financial Corp lessened its stake in Paramount Global (NASDAQ:PARA) by 15.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 59,833 shares of the company’s stock after selling 10,815 shares during the quarter. Truist Financial Corp’s holdings in Paramount Global were worth $622,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. purchased a new stake in shares of Paramount Global during the fourth quarter worth $44,000. Atlas Capital Advisors LLC acquired a new stake in shares of Paramount Global during the 2nd quarter valued at about $35,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Paramount Global during the 2nd quarter valued at about $43,000. SageView Advisory Group LLC bought a new stake in shares of Paramount Global in the 1st quarter valued at approximately $56,000. Finally, GAMMA Investing LLC increased its holdings in Paramount Global by 22.8% in the second quarter. GAMMA Investing LLC now owns 5,742 shares of the company’s stock worth $60,000 after buying an additional 1,067 shares during the last quarter. Hedge funds and other institutional investors own 73.00% of the company’s stock.

Paramount Global Trading Up 1.3 %

Paramount Global stock opened at $10.50 on Wednesday. The stock has a market cap of $7.00 billion, a price-to-earnings ratio of -70.00, a price-to-earnings-growth ratio of 0.57 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.30 and a debt-to-equity ratio of 0.85. Paramount Global has a 12 month low of $9.54 and a 12 month high of $17.50. The business has a 50 day moving average price of $10.54 and a two-hundred day moving average price of $11.21.

Paramount Global (NASDAQ:PARA) last issued its earnings results on Thursday, August 8th. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.40. The business had revenue of $6.81 billion for the quarter, compared to analyst estimates of $7.21 billion. Paramount Global had a negative net margin of 17.62% and a positive return on equity of 4.88%. As a group, equities analysts forecast that Paramount Global will post 1.56 EPS for the current year.

Paramount Global Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Monday, December 16th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Monday, December 16th. Paramount Global’s dividend payout ratio (DPR) is currently -133.33%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wolfe Research downgraded shares of Paramount Global from a “peer perform” rating to an “underperform” rating and set a $10.00 target price for the company. in a research report on Tuesday, July 9th. Guggenheim lowered their target price on shares of Paramount Global from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, September 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Paramount Global in a research report on Friday, August 9th. JPMorgan Chase & Co. lowered their price objective on Paramount Global from $12.00 to $11.00 and set an “underweight” rating on the stock in a report on Thursday, August 15th. Finally, Evercore ISI reduced their target price on Paramount Global from $13.00 to $11.50 and set an “in-line” rating for the company in a report on Tuesday, July 9th. Nine equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.33.

About Paramount Global

Paramount Global operates as a media, streaming, and entertainment company worldwide. It operates through TV Media, Direct-to-Consumer, and Filmed Entertainment segments. The TV Media segment operates CBS Television Network, a domestic broadcast television network; CBS Stations, a television station; and international free-to-air networks comprising Network 10, Channel 5, Telefe, and Chilevisión; domestic premium and basic cable networks, such as Paramount+ with Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, and CBS Sports Network; and international extensions of these brands.