Fifth Third Bancorp Sells 2,629 Shares of Dover Corporation $DOV

Key Points

• Fifth Third Bancorp reduced its holdings in Dover Corporation by 6.9%, selling 2,629 shares during the second quarter, leaving them with 35,532 shares valued at approximately $6.5 million.
• Dover Corporation reported an earnings per share of $2.44 for the last quarter, exceeding analysts' expectations and showing a 5.2% year-over-year revenue growth to $2.05 billion.
• The company also declared a quarterly dividend of $0.52 per share, reflecting a 1.3% dividend yield and a modest dividend payout ratio.

Fifth Third Bancorp reduced its holdings in Dover Corporation (NYSE:DOV - Free Report) by 6.9% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,532 shares of the industrial products company's stock after selling 2,629 shares during the quarter. Fifth Third Bancorp's holdings in Dover were worth $6,511,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. North Capital Inc. bought a new stake in Dover in the first quarter worth approximately $29,000. N.E.W. Advisory Services LLC bought a new stake in Dover in the first quarter worth approximately $31,000. Truvestments Capital LLC increased its holdings in Dover by 1,005.9% in the first quarter. Truvestments Capital LLC now owns 188 shares of the industrial products company's stock worth $33,000 after purchasing an additional 171 shares in the last quarter. Costello Asset Management INC acquired a new position in Dover during the 1st quarter worth approximately $35,000. Finally, Ransom Advisory Ltd acquired a new position in Dover during the 1st quarter worth approximately $35,000. 84.46% of the stock is currently owned by institutional investors.

Dover Stock Down 1.2%

DOV stock opened at $165.35 on Friday. Dover Corporation has a twelve month low of $143.04 and a twelve month high of $222.31. The company has a quick ratio of 1.35, a current ratio of 1.95 and a debt-to-equity ratio of 0.36. The stock's 50 day moving average is $178.02 and its 200-day moving average is $177.07. The firm has a market capitalization of $22.67 billion, a PE ratio of 9.97, a P/E/G ratio of 1.33 and a beta of 1.27.

Dover (NYSE:DOV - Get Free Report) last posted its earnings results on Thursday, July 24th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts' consensus estimates of $2.39 by $0.05. Dover had a return on equity of 18.19% and a net margin of 29.29%.The company had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the company earned $2.36 earnings per share. The company's revenue for the quarter was up 5.2% on a year-over-year basis. Dover has set its FY 2025 guidance at 9.350-9.550 EPS. Sell-side analysts expect that Dover Corporation will post 9.45 EPS for the current fiscal year.

Dover Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Friday, August 29th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, August 29th. This is a positive change from Dover's previous quarterly dividend of $0.52. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.3%. Dover's dividend payout ratio (DPR) is 12.55%.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Barclays increased their price target on Dover from $185.00 to $193.00 and gave the stock an "equal weight" rating in a report on Friday, July 25th. Royal Bank Of Canada increased their price target on Dover from $203.00 to $206.00 and gave the stock a "sector perform" rating in a report on Friday, July 25th. Citigroup reiterated a "buy" rating and issued a $226.00 price target (up previously from $202.00) on shares of Dover in a report on Monday, July 14th. JPMorgan Chase & Co. increased their price target on Dover from $211.00 to $217.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Robert W. Baird increased their price target on Dover from $219.00 to $234.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $213.92.

Dover Profile

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.

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