Fifth Third Bancorp Takes $1.53 Million Position in Neptune Insurance Holdings Inc. $NP

Key Points

• Fifth Third Bancorp initiated a new stake in Neptune Insurance Holdings, buying 63,302 shares valued at about $1.53 million in the first quarter.
• Insider selling has been notable, with major shareholders selling millions of shares in May; over the last 90 days, insiders sold 11.3 million shares worth about $298.8 million.
• Neptune Insurance recently beat quarterly expectations, reporting $0.15 EPS on revenue of $55.87 million, while analysts currently have a consensus rating of Hold with an average price target of $30.68.

Fifth Third Bancorp purchased a new position in Neptune Insurance Holdings Inc. (NYSE:NP - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 63,302 shares of the company's stock, valued at approximately $1,531,000.

Several other institutional investors have also bought and sold shares of the company. Bregal Sagemount IV General Partner Jersey Ltd purchased a new stake in Neptune Insurance in the fourth quarter worth $569,509,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of Neptune Insurance during the 4th quarter valued at $133,488,000. Vanguard Group Inc. bought a new position in shares of Neptune Insurance during the 4th quarter worth $47,063,000. Capital World Investors purchased a new stake in Neptune Insurance in the 4th quarter worth about $32,091,000. Finally, Balyasny Asset Management L.P. purchased a new stake in Neptune Insurance in the 4th quarter worth about $29,051,000.

Insider Activity

In other Neptune Insurance news, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total value of $18,173,839.20. Following the sale, the insider owned 14,252,718 shares of the company's stock, valued at $376,271,755.20. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Vii L.P. Ftv sold 787,806 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total transaction of $20,798,078.40. Following the completion of the transaction, the insider owned 16,310,781 shares in the company, valued at approximately $430,604,618.40. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 11,317,604 shares of company stock worth $298,784,746. Insiders own 74.26% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NP shares. Evercore reiterated an "outperform" rating and issued a $36.00 target price on shares of Neptune Insurance in a research note on Wednesday. Mizuho upped their price target on shares of Neptune Insurance from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Neptune Insurance in a report on Friday, July 17th. Bank of America boosted their target price on shares of Neptune Insurance from $23.00 to $26.00 and gave the company a "neutral" rating in a report on Tuesday, April 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $33.00 price target on shares of Neptune Insurance in a report on Wednesday. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Neptune Insurance currently has a consensus rating of "Hold" and an average price target of $30.68.

Neptune Insurance Price Performance

Shares of NYSE:NP opened at $29.78 on Friday. The firm has a fifty day moving average price of $29.08 and a two-hundred day moving average price of $25.95. The company has a market cap of $4.12 billion and a price-to-earnings ratio of 119.11. Neptune Insurance Holdings Inc. has a one year low of $14.78 and a one year high of $34.61.

Neptune Insurance (NYSE:NP - Get Free Report) last issued its quarterly earnings data on Tuesday, July 21st. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.01. The company had revenue of $55.87 million for the quarter, compared to the consensus estimate of $52.38 million. Neptune Insurance had a negative return on equity of 18.77% and a net margin of 21.45%. Equities research analysts expect that Neptune Insurance Holdings Inc. will post 0.4 EPS for the current fiscal year.

Neptune Insurance Profile

Our mission is to create a smarter, more resilient insurance platform powered by AI, data science, and technology, enabling insurers to deploy capacity with confidence and delivering instant access to coverage for policyholders and agents. Neptune is a leading, high-growth, highly profitable, data-driven managing general agent that is revolutionizing the way homeowners and businesses protect against the growing risks of flooding. We offer a range of easy-to-purchase residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.

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