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

Fifth Third Bancorp acquired a new stake in shares of Neptune Insurance Holdings Inc. (NYSE:NP) during the first quarter, HoldingsChannel reports. The fund acquired 63,302 shares of the company’s stock, valued at approximately $1,531,000.

Other hedge funds also recently bought and sold shares of the company. Comerica Bank bought a new stake in Neptune Insurance during the 4th quarter worth about $1,507,000. Vanguard Group Inc. acquired a new stake in shares of Neptune Insurance during the 4th quarter worth approximately $47,063,000. Capital World Investors bought a new stake in shares of Neptune Insurance during the fourth quarter worth approximately $32,091,000. Bregal Sagemount IV General Partner Jersey Ltd bought a new stake in shares of Neptune Insurance during the fourth quarter worth approximately $569,509,000. Finally, Azora Capital LP acquired a new position in Neptune Insurance in the fourth quarter valued at approximately $21,695,000.

Neptune Insurance Stock Performance

Shares of NYSE:NP opened at $29.78 on Friday. The company has a 50 day moving average price of $29.08 and a two-hundred day moving average price of $25.95. The company has a market capitalization of $4.12 billion and a PE ratio of 119.11. Neptune Insurance Holdings Inc. has a 52 week low of $14.78 and a 52 week high of $34.61.

Neptune Insurance (NYSE:NP) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Neptune Insurance had a net margin of 21.45% and a negative return on equity of 18.77%. The company had revenue of $55.87 million for the quarter, compared to analysts’ expectations of $52.38 million. On average, sell-side analysts forecast that Neptune Insurance Holdings Inc. will post 0.4 earnings per share for the current year.

Insider Activity

In other Neptune Insurance news, major shareholder Hold 101 Lp Bsiv sold 4,589,351 shares of Neptune Insurance stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $26.40, for a total transaction of $121,158,866.40. Following the transaction, the insider directly owned 14,941,121 shares in the company, valued at approximately $394,445,594.40. The trade was a 23.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Vii L.P. Ftv sold 5,252,044 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $26.40, for a total value of $138,653,961.60. Following the completion of the transaction, the insider directly owned 17,098,587 shares of the company’s stock, valued at approximately $451,402,696.80. The trade was a 23.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 11,317,604 shares of company stock worth $298,784,746. Corporate insiders own 74.26% of the company’s stock.

Wall Street Analysts Forecast Growth

NP has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Neptune Insurance in a report on Friday, July 17th. Piper Sandler increased their price target on Neptune Insurance from $30.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Evercore restated an “outperform” rating and issued a $36.00 price target on shares of Neptune Insurance in a research report on Wednesday. Bank of America lifted their price objective on Neptune Insurance from $23.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 14th. Finally, Raymond James Financial reiterated an “outperform” rating on shares of Neptune Insurance in a report on Monday, April 27th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Neptune Insurance currently has an average rating of “Hold” and an average price target of $30.68.

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.