Fifth Third Bancorp Boosts Stake in Patrick Industries, Inc. $PATK

Fifth Third Bancorp increased its stake in Patrick Industries, Inc. (NASDAQ:PATK) by 2,460.9% in the 1st quarter, Holdings Channel reports. The fund owned 11,780 shares of the construction company’s stock after buying an additional 11,320 shares during the quarter. Fifth Third Bancorp’s holdings in Patrick Industries were worth $1,308,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PATK. Torren Management LLC bought a new position in Patrick Industries during the fourth quarter valued at approximately $26,000. Advisory Services Network LLC bought a new stake in shares of Patrick Industries in the 3rd quarter worth approximately $25,000. Allworth Financial LP lifted its holdings in shares of Patrick Industries by 181.2% in the 4th quarter. Allworth Financial LP now owns 315 shares of the construction company’s stock worth $34,000 after acquiring an additional 203 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Patrick Industries by 200.9% in the 4th quarter. Farther Finance Advisors LLC now owns 343 shares of the construction company’s stock valued at $37,000 after purchasing an additional 229 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Patrick Industries in the 1st quarter valued at $42,000. Institutional investors own 93.29% of the company’s stock.

Patrick Industries Stock Performance

Shares of Patrick Industries stock opened at $84.50 on Friday. Patrick Industries, Inc. has a 12 month low of $81.29 and a 12 month high of $148.50. The firm has a market capitalization of $2.78 billion, a P/E ratio of 21.67 and a beta of 1.11. The company has a current ratio of 2.71, a quick ratio of 1.04 and a debt-to-equity ratio of 1.16. The business has a fifty day simple moving average of $87.76 and a two-hundred day simple moving average of $106.81.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The company had revenue of $997.17 million for the quarter, compared to the consensus estimate of $989.06 million. Patrick Industries had a return on equity of 13.24% and a net margin of 3.46%.The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.11 EPS. On average, equities analysts forecast that Patrick Industries, Inc. will post 4.63 earnings per share for the current fiscal year.

Patrick Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 8th. Stockholders of record on Tuesday, May 26th were issued a dividend of $0.47 per share. The ex-dividend date was Tuesday, May 26th. This represents a $1.88 annualized dividend and a dividend yield of 2.2%. Patrick Industries’s dividend payout ratio (DPR) is presently 48.21%.

Insider Transactions at Patrick Industries

In other news, CFO Matthew S. Filer acquired 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was bought at an average cost of $85.50 per share, for a total transaction of $85,500.00. Following the acquisition, the chief financial officer directly owned 21,614 shares in the company, valued at approximately $1,847,997. The trade was a 4.85% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charles R. Roeder acquired 5,750 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average cost of $87.83 per share, for a total transaction of $505,022.50. Following the completion of the transaction, the insider directly owned 42,147 shares in the company, valued at $3,701,771.01. This represents a 15.80% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 28,700 shares of company stock worth $2,532,880 over the last quarter. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

PATK has been the topic of a number of analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $150.00 target price (down from $155.00) on shares of Patrick Industries in a research report on Monday, April 20th. Weiss Ratings lowered shares of Patrick Industries from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, June 29th. Zacks Research cut Patrick Industries from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Truist Financial decreased their price objective on Patrick Industries from $126.00 to $113.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Finally, Wall Street Zen lowered Patrick Industries from a “buy” rating to a “hold” rating in a research note on Sunday, April 12th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Patrick Industries presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.75.

About Patrick Industries

Patrick Industries, Inc is a leading manufacturer and distributor of component products and building materials for the recreational vehicle (RV), manufactured housing, marine and industrial markets. The company supplies a broad array of interior and exterior products, including cabinetry, countertops, flooring, wall panels and decorative trim. Patrick Industries also offers engineered composites, adhesives, sealants and insulation solutions that cater to both original equipment manufacturers (OEMs) and aftermarket customers across North America.

Founded in 1959 and headquartered in Elkhart, Indiana, Patrick Industries began as a small distributor of hardwood and millwork products.