Raymond James Financial Services Boosts Holdings in Dover Co. as Dividend Paying Quarter Ends
Publication Date: July 3, 2023
In a stunning display of financial acumen, Raymond James Financial Services Advisors Inc. recently increased its holdings in Dover Co. by 2.8% during the first quarter of this year. This significant growth indicates the confidence that Raymond James Financial Services Advisors Inc. has placed in the industrial products company’s stock, as disclosed in their most recent filing with the Securities and Exchange Commission (SEC) on July 3, 2023.
The Rise in Holdings:
Raymond James Financial Services Advisors Inc., a key player in the financial services industry, has demonstrated its strategic foresight by acquiring an additional 1,348 shares of Dover Co.’s stock during the first quarter of this year. As a result, their total holdings have expanded to an impressive 48,658 shares, worth approximately $7,393,000 as per their most recent SEC filing.
Dividends as a Mark of Stability:
To further solidify Dover’s position as a reliable investment opportunity for shareholders and potential investors alike, the business recently announced its quarterly dividend payout. On Thursday, June 15th, stakeholders holding shares as of Wednesday, May 31st were paid a dividend of $0.505 per share. This translates to an annualized dividend amounting to $2.02 per share and a yield of 1.37%. It is noteworthy that Dover’s payout ratio currently stands at an appealing 26.93%.
CFO Brad M. Cerepak Initiates Share Sale:
Adding another intriguing dimension to Dover’s recent developments is CFO Brad M. Cerepak’s substantial share sale transaction on Tuesday, June 6th. In this transaction, Cerepak offloaded an impressive 17,769 shares at an average price of $139.03. Consequently, the total transaction amounted to a staggering $2,470,424.07. Following this sale, the company’s CFO still retains ownership of 54,569 shares of Dover stock, valued at around $7,586,728.07. This significant deal was meticulously disclosed in a legal filing with the SEC and can be accessed through the hyperlink provided therein.
Insider Ownership:
Intriguingly, insiders currently hold approximately 1.30% of Dover Co.’s stock. Insider activity often provides valuable insights into the underlying strength and growth potential of a company.
Conclusion:
Raymond James Financial Services Advisors Inc.’s recent increase in holdings within Dover Co., coupled with the company’s quarterly dividend payout and notable insider activity led by CFO Brad M. Cerepak, paints an encouraging picture for current and potential investors alike. These developments further highlight Dover Co.’s commitment to its shareholders as it strives to maintain stability while capturing new growth opportunities in the industrial products sector.
Disclaimer: The information contained in this article is purely for informational purposes and should not be considered as financial advice or a recommendation to buy or sell any securities mentioned herein. Readers are advised to conduct their own research and consult with financial professionals before making any investment decisions based on this information.
[bs_slider_forecast ticker=”DOV”]
Dover Co. Sees Increased Stake from Vanguard Group and Other Institutional Investors, Reflecting Growing Confidence in Industrial Products Sector
Dover Co. (NYSE: DOV), a leading industrial products company, has recently seen changes in the positions of several hedge funds and institutional investors. Vanguard Group Inc., one of the largest investment management companies in the world, increased its stake in Dover by 1.3% during the first quarter of this fiscal year. As a result, Vanguard now owns 16,895,470 shares of Dover’s stock, valued at approximately $2,650,899,000. This increase was made possible through the acquisition of an additional 224,091 shares during the period.
In addition to Vanguard Group Inc., State Street Corp also boosted its holdings in Dover by 3.5% during the third quarter of last year. Currently owning 6,867,691 shares of Dover’s stock amounting to $800,635,000 in value after acquiring an additional 231,562 shares. Another investor raising their stake is Bank of America Corp DE who increased their holdings by 0.9% during the fourth quarter to own a total of 3,786,001 shares valued at $512,662,000 after buying an additional 33,496 shares.
Furthermore,&/>Macquarie Group Ltd., which is known for its diversified financial services business worldwide,<+'the hedge fund boosted its holdings in shares of Dover by-/'./."/.'1..-/'1./', that is about ././-%-'.' higher from previous %*trading day%. which led to Macquarie owning up to approximate /.%-'979*of South African companies stock which has amounted/.+++.+'$402X123.l millionO,/+'/l and this was possible through purchasing'/.'additional-/,'61,/?,29l-/.'0dseuringy'eidiipetmcntwe.&is'.ff&The final institution mentioned that lifted its position in Dover is Alliancebernstein L.P., which saw a significant increase by 21.1% in the third quarter of last year. As a result, Alliancebernstein now owns 2,501,261 shares of Dover's stock valued at $291,597,000 after acquiring an impressive 436,060 shares during the last quarter. It is worth noting that hedge funds and other institutional investors currently own approximately 83.77% of Dover's outstanding shares. These changes in positions reflect the growing interest and confidence in Dover Co., especially among major institutional investors who are recognizing its potential for growth and profitability in the industrial products sector. Several analysts have also provided their insights and opinions on DOV's stocks. Royal Bank of Canada reasserted a "sector perform" rating with a price target of $145.00 per share in a research report published on March 9th earlier this year. Similarly, Deutsche Bank Aktiengesellschaft maintained its "hold" rating but reduced the price target from $147.00 to $145.00 on April 12th. In parallel, Wells Fargo & Company downgraded Dover from $157.00 to $155.00 while maintaining an "equal weight" rating on April 13t[h]. Bank of America took a more bullish approach by issuing a "buy" rating and raising its price target from $180.00 to $200.00 on April 11[-], emphasizing Dover's potential as a lucrative investment. On another note,'/.+/ StockNews.com recently reported on May-++'-%Pith their buy rating stance for DOV stocks working well for this company they further stated-/+financial investment experts had predicted according to Bloomberg.com data that stock presently has taken up ]/.2-increasing trendx coming under ']/21##[I"--which showcase this entity being tagged with-"Moderate Buy"Yand staying nestled with moderate average pricing at least minimum around sit ---thereby distancing itself from poor market trend+*/and it has also an average price target with $162,31- in its balance. Dover's recent announcement of a quarterly dividend is another indicator of the company's strength and stability. Shareholders who were on record as of May 31st received a dividend payout of $0.505 per share on June 15th. This represents an annualized dividend of $2.02 and a yield of 1.37%, showcasing Dover''s commitment to providing value to its shareholders. With regards to its stock performance, DOV opened at $147.65 on July 3, 2023. The past few months have seen the stock trading well above its 50-day moving average price of $141.90, indicating positive investor sentiments towards the company's outlook. Similarly, DOV's 200-day moving average price is also higher at $143.93. Dover Co., with a market capitalization of approximately $20.65 billion, operates in diverse industries and has a strong product presence across various industrial markets worldwide.'/'./ It has a P/E ratio of 19.69 and a PEG ratio of 1.l/-'whilst having high beta figures at +1.*