Fifth Third Bancorp Buys 55,638 Shares of Adeia Inc. $ADEA

Fifth Third Bancorp lifted its position in shares of Adeia Inc. (NASDAQ:ADEA) by 13,439.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,052 shares of the company’s stock after buying an additional 55,638 shares during the period. Fifth Third Bancorp owned about 0.05% of Adeia worth $1,347,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Ritholtz Wealth Management raised its holdings in shares of Adeia by 2.5% in the first quarter. Ritholtz Wealth Management now owns 14,972 shares of the company’s stock valued at $360,000 after purchasing an additional 364 shares during the last quarter. ProShare Advisors LLC boosted its stake in shares of Adeia by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 21,153 shares of the company’s stock worth $365,000 after buying an additional 656 shares during the last quarter. Redmond Asset Management LLC grew its holdings in shares of Adeia by 0.4% in the 4th quarter. Redmond Asset Management LLC now owns 192,350 shares of the company’s stock valued at $3,318,000 after acquiring an additional 727 shares in the last quarter. Amundi grew its holdings in shares of Adeia by 4.5% in the 4th quarter. Amundi now owns 19,003 shares of the company’s stock valued at $328,000 after acquiring an additional 827 shares in the last quarter. Finally, Vident Advisory LLC increased its position in shares of Adeia by 2.6% in the second quarter. Vident Advisory LLC now owns 37,366 shares of the company’s stock valued at $528,000 after acquiring an additional 937 shares during the last quarter. 97.36% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on ADEA. BWS Financial reissued a “buy” rating and set a $30.00 price target on shares of Adeia in a research report on Tuesday, May 5th. Zacks Research lowered Adeia from a “hold” rating to a “strong sell” rating in a research report on Friday, July 3rd. Maxim Group set a $35.00 price objective on Adeia in a research note on Wednesday, May 6th. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Adeia in a report on Tuesday, May 5th. Finally, Roth Capital reissued a “buy” rating and issued a $43.00 target price on shares of Adeia in a research note on Tuesday, May 5th. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, Adeia currently has an average rating of “Moderate Buy” and an average target price of $33.60.

Adeia Trading Down 3.6%

Shares of Adeia stock opened at $25.95 on Friday. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 24.03 and a beta of 1.36. The company has a quick ratio of 3.44, a current ratio of 3.44 and a debt-to-equity ratio of 0.79. Adeia Inc. has a 12-month low of $11.61 and a 12-month high of $34.34. The firm’s 50-day moving average price is $29.27 and its two-hundred day moving average price is $25.23.

Adeia (NASDAQ:ADEA) last released its earnings results on Monday, May 4th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $104.77 million during the quarter, compared to analysts’ expectations of $99.72 million. Adeia had a return on equity of 39.49% and a net margin of 26.50%. On average, analysts forecast that Adeia Inc. will post 1.15 earnings per share for the current fiscal year.

Adeia Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Tuesday, May 26th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $0.20 annualized dividend and a yield of 0.8%. Adeia’s payout ratio is presently 18.52%.

Adeia Profile

Adeia Inc (NASDAQ: ADEA) is a technology licensing company that focuses on acquiring, managing and monetizing intellectual property assets in the electronics and communications sectors. The company’s core business involves the strategic purchase of patent portfolios followed by the negotiation of licensing agreements, collaborative partnerships and, where necessary, enforcement actions to generate revenue from those assets. Adeia’s technology coverage spans semiconductor design, data communications, wireless networking, imaging systems and other advanced electronics applications.

By assembling a diversified collection of high-value patent families, Adeia works closely with original equipment manufacturers, semiconductor suppliers and service providers across North America, Europe and Asia.