Fifth Third Bancorp Boosts Stake in Openlane $OPLN

Key Points

• Fifth Third Bancorp dramatically increased its Openlane stake by 2,495.1% in the first quarter, ending with 35,163 shares valued at about $1.03 million.
• Openlane reported solid quarterly results, beating EPS estimates with $0.35 per share versus $0.32 expected, while revenue rose 14.8% year over year to $527.9 million.
• Analysts remain cautiously positive on the stock, with a consensus “Moderate Buy” rating and an average price target of $41.67, even as some insiders have recently sold shares.

Fifth Third Bancorp increased its holdings in shares of Openlane (NYSE:OPLN - Free Report) by 2,495.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,163 shares of the company's stock after purchasing an additional 33,808 shares during the quarter. Fifth Third Bancorp's holdings in Openlane were worth $1,025,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Salomon & Ludwin LLC purchased a new position in Openlane in the 4th quarter worth about $26,000. First Horizon Corp purchased a new stake in shares of Openlane during the 4th quarter valued at about $27,000. Allworth Financial LP bought a new stake in Openlane in the 4th quarter worth approximately $38,000. Nomura Asset Management Co. Ltd. bought a new stake in Openlane in the 4th quarter worth approximately $39,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Openlane during the 4th quarter valued at $42,000. 99.76% of the stock is owned by hedge funds and other institutional investors.

Openlane Trading Up 0.8%

Shares of NYSE:OPLN opened at $39.30 on Friday. The company has a market cap of $4.16 billion, a P/E ratio of -38.53, a PEG ratio of 2.33 and a beta of 1.26. Openlane has a 12-month low of $24.10 and a 12-month high of $42.90. The company's 50 day moving average is $38.49. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.42.

Openlane (NYSE:OPLN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.03. Openlane had a net margin of 9.47% and a return on equity of 13.00%. The firm had revenue of $527.90 million during the quarter. During the same period last year, the company earned $0.31 earnings per share. The business's revenue for the quarter was up 14.8% on a year-over-year basis. Openlane has set its FY 2026 guidance at 1.280-1.420 EPS. Equities research analysts predict that Openlane will post 1.31 earnings per share for the current fiscal year.

Insider Activity at Openlane

In other news, EVP Tobin P. Richer sold 4,000 shares of Openlane stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $38.31, for a total transaction of $153,240.00. Following the sale, the executive vice president owned 24,697 shares in the company, valued at $946,142.07. This trade represents a 13.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Clyde Mitchell sold 6,500 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $36.04, for a total transaction of $234,260.00. Following the completion of the sale, the insider owned 15,914 shares in the company, valued at approximately $573,540.56. The trade was a 29.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,972 shares of company stock valued at $4,018,932. Corporate insiders own 2.22% of the company's stock.

Wall Street Analyst Weigh In

OPLN has been the topic of several research analyst reports. Barclays increased their price target on Openlane from $40.00 to $46.00 and gave the company an "overweight" rating in a report on Tuesday. Robert W. Baird set a $40.00 price objective on Openlane in a report on Wednesday, May 6th. Northcoast Research set a $40.00 price objective on Openlane in a research report on Wednesday, May 6th. Bank of America increased their target price on Openlane from $37.00 to $44.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Openlane in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Openlane currently has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

About Openlane

Openlane, Inc operates a digital wholesale vehicle marketplace that facilitates the remarketing of used vehicles for commercial consignors and retail dealers. The company provides an online auction platform that enables buyers and sellers to transact in real time, connecting franchised and independent dealers, fleet operators, rental companies, manufacturers and financial institutions. Its marketplace focuses on vehicles from lease returns, fleet and commercial fleets, repossessions and dealer trade-ins.

In addition to the core auction and listing services, Openlane offers a suite of remarketing support services designed to simplify the end-to-end sale process.

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