Neptune Insurance Holdings Inc. $NP Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its Neptune Insurance stake by 562.1% in the first quarter, holding 37,496 shares valued at approximately $907,000. Several other institutional investors also established new positions.
• Analyst sentiment remains positive but mixed, with eight Buy ratings and seven Holds. Neptune has a consensus rating of Moderate Buy and an average price target of $31.82.
• Neptune reported quarterly EPS of $0.15 and revenue of $55.87 million, both above analyst expectations. Meanwhile, major shareholders sold 3.6 million shares worth about $119.4 million in the past quarter, while NP recently traded near $33.26.

Bank of America Corp DE lifted its holdings in shares of Neptune Insurance Holdings Inc. (NYSE:NP - Free Report) by 562.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 37,496 shares of the company's stock after buying an additional 31,833 shares during the period. Bank of America Corp DE's holdings in Neptune Insurance were worth $907,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wells Fargo & Company MN bought a new position in shares of Neptune Insurance during the fourth quarter valued at approximately $28,000. PNC Financial Services Group Inc. bought a new stake in shares of Neptune Insurance in the 4th quarter worth approximately $125,000. Symmetry Investments LP acquired a new position in Neptune Insurance during the 4th quarter valued at approximately $204,000. FJ Capital Management LLC acquired a new position in Neptune Insurance during the 4th quarter valued at approximately $289,000. Finally, BIT Capital GmbH bought a new position in Neptune Insurance during the 4th quarter worth $292,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Keefe, Bruyette & Woods cut their target price on Neptune Insurance from $34.00 to $33.00 and set a "market perform" rating on the stock in a research note on Friday, July 24th. JPMorgan Chase & Co. increased their price objective on shares of Neptune Insurance from $26.00 to $30.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Morgan Stanley raised shares of Neptune Insurance from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $31.00 to $36.00 in a research note on Wednesday, August 19th. Wells Fargo & Company raised their price target on shares of Neptune Insurance from $35.00 to $37.00 and gave the company an "overweight" rating in a research note on Thursday, July 23rd. Finally, BMO Capital Markets lowered Neptune Insurance from an "outperform" rating to a "market perform" rating and set a $32.00 price objective for the company. in a report on Thursday, July 30th. Eight analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $31.82.

Insider Activity at Neptune Insurance

In other news, major shareholder Hold 101 Lp Bsiv sold 1,632,160 shares of Neptune Insurance stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $33.22, for a total transaction of $54,220,355.20. Following the transaction, the insider directly owned 12,620,558 shares in the company, valued at approximately $419,254,936.76. This trade represents a 11.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Vii L.P. Ftv sold 1,867,840 shares of the business's stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $33.22, for a total transaction of $62,049,644.80. Following the completion of the sale, the insider owned 14,442,941 shares in the company, valued at approximately $479,794,500.02. This trade represents a 11.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 3,600,000 shares of company stock worth $119,413,918 over the last quarter. 74.26% of the stock is currently owned by company insiders.

Neptune Insurance Stock Down 0.4%

Shares of NP opened at $33.26 on Friday. The firm has a market capitalization of $4.56 billion and a PE ratio of 133.04. The firm has a 50-day moving average price of $32.21 and a 200 day moving average price of $27.58. Neptune Insurance Holdings Inc. has a 52-week low of $14.78 and a 52-week high of $35.15.

Neptune Insurance (NYSE:NP - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The company reported $0.15 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 net margin of 21.45% and a negative return on equity of 18.77%. On average, equities analysts expect that Neptune Insurance Holdings Inc. will post 0.4 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.