Fifth Third Bancorp Increases Holdings in CorVel Corp. $CRVL

Fifth Third Bancorp raised its holdings in shares of CorVel Corp. (NASDAQ:CRVL) by 8,676.7% in the first quarter, HoldingsChannel reports. The firm owned 22,556 shares of the business services provider’s stock after buying an additional 22,299 shares during the quarter. Fifth Third Bancorp’s holdings in CorVel were worth $1,233,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CRVL. Northwestern Mutual Wealth Management Co. bought a new stake in shares of CorVel in the 3rd quarter worth approximately $31,000. Los Angeles Capital Management LLC purchased a new stake in CorVel in the fourth quarter worth $33,000. Eagle Bay Advisors LLC bought a new stake in CorVel in the fourth quarter valued at $37,000. Rockefeller Capital Management L.P. boosted its holdings in CorVel by 66.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 574 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 230 shares in the last quarter. Finally, Quarry LP increased its position in CorVel by 218.6% during the 3rd quarter. Quarry LP now owns 513 shares of the business services provider’s stock valued at $40,000 after purchasing an additional 352 shares during the period. Hedge funds and other institutional investors own 51.36% of the company’s stock.

Insider Transactions at CorVel

In other news, VP Jennifer Yoss sold 1,999 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $61.02, for a total value of $121,978.98. Following the sale, the vice president directly owned 2,173 shares of the company’s stock, valued at $132,596.46. This represents a 47.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey J. Michael sold 9,000 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $60.98, for a total transaction of $548,820.00. Following the completion of the transaction, the director owned 559,721 shares of the company’s stock, valued at approximately $34,131,786.58. The trade was a 1.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,249 shares of company stock valued at $807,126 in the last three months. 39.72% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CRVL has been the subject of several research reports. Weiss Ratings upgraded shares of CorVel from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, July 16th. Wall Street Zen raised shares of CorVel from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, CorVel presently has a consensus rating of “Hold”.

CorVel Stock Up 1.4%

NASDAQ CRVL opened at $59.86 on Friday. CorVel Corp. has a twelve month low of $44.83 and a twelve month high of $93.71. The firm has a market capitalization of $3.05 billion, a PE ratio of 27.97 and a beta of 0.98. The stock’s 50 day moving average is $61.08 and its 200 day moving average is $58.45.

CorVel (NASDAQ:CRVL) last issued its quarterly earnings results on Tuesday, May 19th. The business services provider reported $0.61 earnings per share for the quarter. The company had revenue of $248.55 million for the quarter. CorVel had a return on equity of 29.92% and a net margin of 11.51%.

CorVel Company Profile

CorVel Corporation (NASDAQ: CRVL) is a technology-driven provider of workers’ compensation, liability, and specialty risk management solutions. The company develops and deploys software and data analytics tools to streamline claims administration, medical cost containment, prescription drug management, and provider network access. CorVel’s integrated platform connects employers, insurers, healthcare providers, and injured workers, aiming to improve outcomes and control costs through process automation and real-time decision support.

The company’s product suite includes claims lifecycle management, bill review and negotiation, virtual care and telehealth services, pharmacy benefit management, and independent medical examinations (IMEs).