Fifth Third Bancorp Makes New $43,000 Investment in TORM plc (NASDAQ:TRMD)

Fifth Third Bancorp acquired a new stake in shares of TORM plc (NASDAQ:TRMD) in the 2nd quarter, HoldingsChannel reports. The fund acquired 1,100 shares of the company’s stock, valued at approximately $43,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRMD. Norges Bank bought a new position in TORM during the 4th quarter valued at approximately $22,306,000. BNP Paribas Financial Markets bought a new position in shares of TORM during the first quarter valued at approximately $1,229,000. SG Americas Securities LLC lifted its stake in TORM by 597.3% in the second quarter. SG Americas Securities LLC now owns 22,914 shares of the company’s stock worth $888,000 after acquiring an additional 19,628 shares during the period. Quantbot Technologies LP bought a new stake in TORM in the first quarter valued at $2,836,000. Finally, Swiss National Bank increased its position in TORM by 18.4% during the 1st quarter. Swiss National Bank now owns 79,609 shares of the company’s stock valued at $2,700,000 after purchasing an additional 12,353 shares during the period. 73.89% of the stock is owned by institutional investors.

TORM Stock Up 0.7 %

TRMD stock opened at $38.58 on Tuesday. TORM plc has a fifty-two week low of $24.11 and a fifty-two week high of $40.47. The company has a market capitalization of $3.14 billion, a price-to-earnings ratio of 4.87 and a beta of 0.27. The business’s 50 day moving average price is $37.60 and its two-hundred day moving average price is $35.90. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.94 and a current ratio of 3.18.

TORM (NASDAQ:TRMD) last issued its quarterly earnings results on Thursday, August 15th. The company reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.99 by $0.03. The company had revenue of $437.70 million for the quarter, compared to analysts’ expectations of $325.38 million. TORM had a return on equity of 37.63% and a net margin of 43.81%. During the same period in the prior year, the firm earned $2.14 earnings per share. As a group, analysts forecast that TORM plc will post 7.1 earnings per share for the current fiscal year.

TORM Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 11th. Investors of record on Thursday, August 29th will be paid a $1.80 dividend. This represents a $7.20 annualized dividend and a dividend yield of 18.66%. This is a positive change from TORM’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Thursday, August 29th. TORM’s dividend payout ratio (DPR) is presently 66.29%.

Analysts Set New Price Targets

Separately, Evercore ISI raised their target price on shares of TORM from $45.00 to $48.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 23rd.

TORM Profile

TORM plc, a shipping company, owns and operates a fleet of product tankers in the United Kingdom. It operates in two operating segments, Tanker and Marine Exhaust. The Tanker segment transports refined oil products, such as gasoline, jet fuel, kerosene, naphtha, and gas oil, as well as dirty petroleum products, including fuel oil.