Payden & Rygel Increases Stock Holdings in Fifth Third Bancorp $FITB

Payden & Rygel grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 11.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 272,000 shares of the financial services provider’s stock after purchasing an additional 28,400 shares during the period. Payden & Rygel’s holdings in Fifth Third Bancorp were worth $12,732,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Koshinski Asset Management Inc. grew its holdings in shares of Fifth Third Bancorp by 3.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock valued at $322,000 after purchasing an additional 206 shares in the last quarter. Keybank National Association OH lifted its holdings in Fifth Third Bancorp by 0.3% during the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after buying an additional 214 shares in the last quarter. Austin Private Wealth LLC boosted its position in Fifth Third Bancorp by 2.7% in the 4th quarter. Austin Private Wealth LLC now owns 8,686 shares of the financial services provider’s stock valued at $407,000 after buying an additional 228 shares during the period. Wealthquest Corp boosted its position in Fifth Third Bancorp by 2.3% in the 3rd quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider’s stock valued at $493,000 after buying an additional 244 shares during the period. Finally, Capital Investment Advisory Services LLC grew its stake in shares of Fifth Third Bancorp by 1.1% in the third quarter. Capital Investment Advisory Services LLC now owns 22,686 shares of the financial services provider’s stock worth $1,011,000 after acquiring an additional 251 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.2%

FITB stock opened at $47.94 on Tuesday. The stock has a market cap of $43.45 billion, a P/E ratio of 16.09, a PEG ratio of 0.97 and a beta of 0.94. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a twelve month low of $36.64 and a twelve month high of $55.44. The company’s 50 day moving average is $47.76 and its two-hundred day moving average is $47.79.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.87. The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the prior year, the business posted $0.71 EPS. Research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.3%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FITB. Evercore increased their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $53.00 to $55.00 and gave the stock a “market perform” rating in a research note on Wednesday, January 21st. Weiss Ratings downgraded Fifth Third Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. TD Cowen reaffirmed a “buy” rating and issued a $60.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Finally, Argus boosted their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a research report on Thursday, January 22nd. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.19.

Insider Activity

In related news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.