Fifth Third Bancorp Reduces Holdings in ArcBest Corporation (NASDAQ:ARCB)

Fifth Third Bancorp trimmed its position in shares of ArcBest Corporation (NASDAQ:ARCB) by 19.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,067 shares of the transportation company’s stock after selling 503 shares during the quarter. Fifth Third Bancorp’s holdings in ArcBest were worth $146,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of ArcBest during the first quarter worth approximately $384,000. GAMMA Investing LLC increased its position in shares of ArcBest by 185.3% during the first quarter. GAMMA Investing LLC now owns 1,435 shares of the transportation company’s stock worth $101,000 after purchasing an additional 932 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of ArcBest by 7,152.4% during the first quarter. Harbor Capital Advisors Inc. now owns 6,092 shares of the transportation company’s stock worth $430,000 after purchasing an additional 6,008 shares in the last quarter. Curat Global LLC purchased a new stake in shares of ArcBest during the first quarter worth approximately $82,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of ArcBest during the fourth quarter worth approximately $2,994,000. 99.27% of the stock is currently owned by hedge funds and other institutional investors.

ArcBest Stock Performance

NASDAQ ARCB opened at $68.21 on Friday. The stock has a market cap of $1.56 billion, a PE ratio of 9.02, a P/E/G ratio of 0.72 and a beta of 1.68. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.11. ArcBest Corporation has a twelve month low of $55.19 and a twelve month high of $129.83. The stock has a fifty day simple moving average of $63.72 and a 200-day simple moving average of $79.82.

ArcBest (NASDAQ:ARCB) last released its quarterly earnings results on Tuesday, April 29th. The transportation company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.01). ArcBest had a return on equity of 10.05% and a net margin of 4.37%. The business had revenue of $967.08 million for the quarter, compared to analysts’ expectations of $990.03 million. During the same quarter in the prior year, the company posted $1.34 earnings per share. The business’s revenue for the quarter was down 6.7% compared to the same quarter last year. Equities analysts anticipate that ArcBest Corporation will post 7 earnings per share for the current year.

ArcBest Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Friday, May 9th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.70%. The ex-dividend date of this dividend was Friday, May 9th. ArcBest’s payout ratio is 6.35%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Citigroup dropped their price target on ArcBest from $83.00 to $66.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Truist Financial dropped their target price on ArcBest from $93.00 to $90.00 and set a “buy” rating for the company in a report on Thursday, April 24th. TD Cowen dropped their target price on ArcBest from $80.00 to $72.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Bank of America upgraded ArcBest from an “underperform” rating to a “neutral” rating and upped their target price for the company from $63.00 to $74.00 in a report on Tuesday, June 10th. Finally, Wall Street Zen upgraded ArcBest from a “sell” rating to a “hold” rating in a report on Friday, May 9th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $89.42.

About ArcBest

ArcBest Corporation, an integrated logistics company, engages in the provision of ground, air, and ocean transportation solutions. It operates through two segments: Asset-Based and Asset-Light. The Asset-Based segment provides less-than-truckload (LTL) services, that transports general commodities, such as food, textiles, apparel, furniture, appliances, chemicals, non-bulk petroleum products, rubber, plastics, metal and metal products, wood, glass, automotive parts, machinery, and miscellaneous manufactured products.