Fifth Third Bancorp Buys 22,299 Shares of CorVel Corp. $CRVL

Key Points

• Fifth Third Bancorp dramatically increased its CorVel stake in the first quarter, buying 22,299 shares and lifting its holdings by 8,676.7% to 22,556 shares worth about $1.23 million.
• Several other institutional investors also added to or initiated positions in CorVel, with institutions now owning 51.36% of the stock overall.
• CorVel shares traded around $59.86 after a 1.4% gain, and the company recently reported quarterly EPS of $0.61 on revenue of $248.55 million; analyst sentiment remains cautious with an average Hold rating.

Fifth Third Bancorp grew its stake in shares of CorVel Corp. (NASDAQ:CRVL - Free Report) by 8,676.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 22,556 shares of the business services provider's stock after buying an additional 22,299 shares during the quarter. Fifth Third Bancorp's holdings in CorVel were worth $1,233,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. State Street Corp increased its stake in CorVel by 2.7% in the fourth quarter. State Street Corp now owns 1,179,572 shares of the business services provider's stock valued at $79,822,000 after acquiring an additional 30,987 shares during the last quarter. Geode Capital Management LLC lifted its stake in CorVel by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 927,845 shares of the business services provider's stock worth $62,796,000 after purchasing an additional 28,666 shares during the last quarter. Norges Bank bought a new stake in CorVel during the fourth quarter worth about $29,250,000. Qube Research & Technologies Ltd boosted its holdings in shares of CorVel by 100.9% in the 3rd quarter. Qube Research & Technologies Ltd now owns 236,713 shares of the business services provider's stock worth $18,326,000 after purchasing an additional 118,879 shares in the last quarter. Finally, Raymond James Financial Inc. boosted its holdings in shares of CorVel by 1.3% in the 3rd quarter. Raymond James Financial Inc. now owns 221,070 shares of the business services provider's stock worth $17,115,000 after purchasing an additional 2,798 shares in the last quarter. 51.36% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Maxim Shishin sold 2,250 shares of the stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $60.59, for a total transaction of $136,327.50. Following the completion of the sale, the insider owned 7,050 shares of the company's stock, valued at approximately $427,159.50. This represents a 24.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jeffrey J. Michael sold 9,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $60.98, for a total transaction of $548,820.00. Following the completion of the transaction, the director owned 559,721 shares in the company, valued at $34,131,786.58. This represents a 1.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 13,249 shares of company stock valued at $807,126. 39.72% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRVL. Weiss Ratings raised CorVel from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, July 16th. Wall Street Zen upgraded shares of CorVel from a "hold" rating to a "buy" rating in a research report on Saturday, May 30th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of "Hold".

CorVel Trading Up 1.4%

Shares of NASDAQ:CRVL opened at $59.86 on Friday. The stock has a market capitalization of $3.05 billion, a P/E ratio of 27.97 and a beta of 0.98. The stock's 50-day moving average price is $61.08 and its 200-day moving average price is $58.45. CorVel Corp. has a 12-month low of $44.83 and a 12-month high of $93.71.

CorVel (NASDAQ:CRVL - Get Free Report) last released its earnings results on Tuesday, May 19th. The business services provider reported $0.61 earnings per share for the quarter. CorVel had a return on equity of 29.92% and a net margin of 11.51%.The company had revenue of $248.55 million during the quarter.

CorVel Company Profile

CorVel Corporation NASDAQ: CRVL is a technology-driven provider of workers' compensation, liability, and specialty risk management solutions. The company develops and deploys software and data analytics tools to streamline claims administration, medical cost containment, prescription drug management, and provider network access. CorVel's integrated platform connects employers, insurers, healthcare providers, and injured workers, aiming to improve outcomes and control costs through process automation and real-time decision support.

The company's product suite includes claims lifecycle management, bill review and negotiation, virtual care and telehealth services, pharmacy benefit management, and independent medical examinations (IMEs).

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