Fifth Third Bancorp Purchases New Holdings in FTAI Infrastructure Inc. $FIP

Fifth Third Bancorp purchased a new position in shares of FTAI Infrastructure Inc. (NASDAQ:FIP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 372,353 shares of the company’s stock, valued at approximately $1,839,000.

A number of other hedge funds have also recently added to or reduced their stakes in FIP. Teachers Retirement System of The State of Kentucky bought a new stake in shares of FTAI Infrastructure during the 4th quarter valued at $1,394,000. First Eagle Investment Management LLC increased its position in shares of FTAI Infrastructure by 7.1% in the fourth quarter. First Eagle Investment Management LLC now owns 2,383,921 shares of the company’s stock worth $10,990,000 after purchasing an additional 157,568 shares during the period. Royce & Associates LP increased its position in shares of FTAI Infrastructure by 24.4% in the fourth quarter. Royce & Associates LP now owns 2,682,778 shares of the company’s stock worth $12,368,000 after purchasing an additional 527,000 shares during the period. Larson Financial Group LLC raised its stake in FTAI Infrastructure by 6,941.7% in the fourth quarter. Larson Financial Group LLC now owns 8,098 shares of the company’s stock valued at $37,000 after purchasing an additional 7,983 shares in the last quarter. Finally, Tejara Capital Ltd raised its stake in FTAI Infrastructure by 10.1% in the fourth quarter. Tejara Capital Ltd now owns 259,146 shares of the company’s stock valued at $1,195,000 after purchasing an additional 23,801 shares in the last quarter. Institutional investors own 87.43% of the company’s stock.

Analysts Set New Price Targets

FIP has been the topic of a number of analyst reports. Citizens Jmp assumed coverage on shares of FTAI Infrastructure in a research note on Wednesday, July 15th. They set a “market outperform” rating and a $10.00 price objective on the stock. Wall Street Zen cut shares of FTAI Infrastructure from a “sell” rating to a “strong sell” rating in a research report on Monday. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of FTAI Infrastructure in a report on Friday, June 12th. Compass Point set a $12.00 price target on shares of FTAI Infrastructure in a research report on Tuesday, June 30th. Finally, BTIG Research decreased their price objective on shares of FTAI Infrastructure from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, FTAI Infrastructure has an average rating of “Moderate Buy” and a consensus price target of $9.94.

FTAI Infrastructure Stock Up 4.7%

NASDAQ:FIP opened at $4.50 on Thursday. FTAI Infrastructure Inc. has a twelve month low of $3.90 and a twelve month high of $7.93. The stock’s 50-day simple moving average is $4.52 and its 200 day simple moving average is $5.18. The firm has a market capitalization of $531.72 million, a PE ratio of -1.00 and a beta of 1.76.

FTAI Infrastructure (NASDAQ:FIP) last posted its earnings results on Thursday, May 7th. The company reported ($1.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.90). The company had revenue of $188.36 million during the quarter, compared to the consensus estimate of $182.41 million. FTAI Infrastructure had a negative return on equity of 147.01% and a negative net margin of 68.58%.FTAI Infrastructure’s quarterly revenue was up 95.8% compared to the same quarter last year.

FTAI Infrastructure Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Monday, May 18th were issued a dividend of $0.03 per share. The ex-dividend date was Monday, May 18th. This represents a $0.12 annualized dividend and a dividend yield of 2.7%. FTAI Infrastructure’s dividend payout ratio is -2.66%.

Insider Activity at FTAI Infrastructure

In other news, CFO Carl Russell Iv Fletcher purchased 10,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was bought at an average cost of $4.58 per share, for a total transaction of $45,800.00. Following the purchase, the chief financial officer owned 40,000 shares of the company’s stock, valued at approximately $183,200. The trade was a 33.33% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.40% of the company’s stock.

About FTAI Infrastructure

FTAI Infrastructure Ltd (NASDAQ: FIP) is a closed-end investment company that acquires and manages infrastructure assets offering stable, long-term cash flows. The company targets core and core-plus infrastructure sectors with contracted or regulated revenue streams, aiming to deliver attractive risk-adjusted returns for its shareholders. FTAI Infrastructure’s portfolio is diversified across multiple sub-sectors, geographies and counterparties to manage risk and capture growth opportunities in global infrastructure markets.

The company focuses on three primary investment categories: communications infrastructure, transport and logistics infrastructure, and utility infrastructure.