Dover Corporation $DOV Shares Bought by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its Dover stake by 1,677.3% in the third quarter, holding 35,049 shares valued at approximately $6.14 million. Institutional investors collectively own 84.46% of Dover’s outstanding stock.
• Analysts maintain a generally positive outlook, with ten Buy ratings and five Holds. Dover has an average “Moderate Buy” rating and a consensus price target of $237.43.
• Dover reported quarterly EPS of $2.74, slightly above estimates, while revenue rose 6.8% year over year to $2.19 billion. The company also raised its quarterly dividend to $0.525 per share, implying a 1.1% annualized yield.

First Citizens Bank & Trust Co. boosted its stake in shares of Dover Corporation (NYSE:DOV - Free Report) by 1,677.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,049 shares of the industrial products company's stock after acquiring an additional 33,077 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Dover were worth $6,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Reflection Asset Management bought a new stake in Dover in the fourth quarter valued at approximately $26,000. Clearstead Trust LLC bought a new position in shares of Dover in the second quarter worth approximately $30,000. MV Capital Management Inc. bought a new position in shares of Dover in the fourth quarter worth approximately $29,000. Keating Financial Advisory Services Inc. bought a new position in shares of Dover in the second quarter worth approximately $34,000. Finally, Financial Life Planners purchased a new position in shares of Dover in the first quarter worth $31,000. 84.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DOV has been the subject of a number of recent analyst reports. Weiss Ratings lowered shares of Dover from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, September 2nd. BMO Capital Markets raised shares of Dover from a "market perform" rating to an "outperform" rating and cut their price target for the stock from $255.00 to $240.00 in a report on Friday, July 24th. Wolfe Research reissued an "outperform" rating and issued a $262.00 price target on shares of Dover in a report on Thursday, July 9th. Robert W. Baird set a $270.00 price objective on shares of Dover in a research report on Friday, July 24th. Finally, Wells Fargo & Company assumed coverage on shares of Dover in a research note on Thursday, September 24th. They set an "overweight" rating and a $229.00 price objective for the company. Ten research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Dover presently has an average rating of "Moderate Buy" and an average price target of $237.43.

Dover Stock Performance

NYSE:DOV opened at $193.41 on Thursday. The stock has a market cap of $26.05 billion, a P/E ratio of 23.30, a price-to-earnings-growth ratio of 1.68 and a beta of 1.13. The firm's fifty day simple moving average is $195.10 and its 200 day simple moving average is $208.03. Dover Corporation has a twelve month low of $161.27 and a twelve month high of $237.54. The company has a quick ratio of 1.41, a current ratio of 1.98 and a debt-to-equity ratio of 0.33.

Dover (NYSE:DOV - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The industrial products company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.02. The business had revenue of $2.19 billion for the quarter, compared to analysts' expectations of $2.21 billion. Dover had a return on equity of 18.32% and a net margin of 13.48%. The business's revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.44 EPS. Dover has set its FY 2026 guidance at 10.550-10.750 EPS. As a group, research analysts predict that Dover Corporation will post 10.67 EPS for the current year.

Dover Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st were given a dividend of $0.5250 per share. This is an increase from Dover's previous quarterly dividend of $0.52. This represents a $2.10 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Monday, August 31st. Dover's payout ratio is 25.30%.

About Dover

Dover Corporation is a diversified global manufacturer that develops and produces specialized equipment, components and engineered systems for industrial and commercial customers. Its businesses serve markets including industrial manufacturing, energy, transportation, food and beverage, refrigeration, and building services.

The company's products include pumps, compressors, fluid-handling equipment, fueling and dispensing systems, refrigeration and heat-transfer technologies, printing and marking equipment, and engineered components.

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