Fifth Third Bancorp Reduces Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

Fifth Third Bancorp lessened its holdings in shares of Elevance Health, Inc. (NYSE:ELV) by 26.2% in the 4th quarter, HoldingsChannel reports. The firm owned 16,198 shares of the company’s stock after selling 5,763 shares during the quarter. Fifth Third Bancorp’s holdings in Elevance Health were worth $5,975,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raelipskie Partnership purchased a new position in shares of Elevance Health during the 3rd quarter valued at about $26,000. PSI Advisors LLC acquired a new stake in Elevance Health during the third quarter worth about $27,000. Eastern Bank purchased a new position in Elevance Health during the third quarter valued at approximately $31,000. Dunhill Financial LLC lifted its holdings in Elevance Health by 57.8% in the third quarter. Dunhill Financial LLC now owns 71 shares of the company’s stock valued at $37,000 after acquiring an additional 26 shares during the period. Finally, Peterson Financial Group Inc. purchased a new stake in Elevance Health in the 3rd quarter worth approximately $44,000. 89.24% of the stock is currently owned by institutional investors and hedge funds.

Elevance Health Trading Up 0.0 %

Shares of ELV opened at $401.43 on Monday. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26. The stock has a market cap of $93.10 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 1.11 and a beta of 0.84. The firm’s fifty day moving average is $386.21 and its two-hundred day moving average is $461.87. The company has a quick ratio of 1.50, a current ratio of 1.50 and a debt-to-equity ratio of 0.56.

Elevance Health (NYSE:ELV) last posted its quarterly earnings results on Thursday, January 23rd. The company reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.68% and a return on equity of 19.56%. Research analysts forecast that Elevance Health, Inc. will post 32.95 earnings per share for the current fiscal year.

Elevance Health Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Monday, March 10th will be paid a $1.71 dividend. The ex-dividend date is Monday, March 10th. This is an increase from Elevance Health’s previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.70%. Elevance Health’s dividend payout ratio (DPR) is 23.77%.

Analysts Set New Price Targets

ELV has been the subject of several analyst reports. Argus cut shares of Elevance Health from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Stephens lowered shares of Elevance Health from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $520.00 to $440.00 in a research note on Wednesday, January 22nd. Wells Fargo & Company dropped their target price on Elevance Health from $593.00 to $495.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Raymond James set a $485.00 price target on Elevance Health in a report on Friday, October 18th. Finally, TD Cowen dropped their price objective on Elevance Health from $589.00 to $484.00 and set a “buy” rating on the stock in a report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $525.60.

About Elevance Health

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.