LFG Wealth Partners LLC Takes Position in Fifth Third Bancorp $FITB

LFG Wealth Partners LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the fourth quarter, Holdings Channel reports. The fund bought 24,541 shares of the financial services provider’s stock, valued at approximately $1,149,000.

Several other large investors have also recently modified their holdings of FITB. Norges Bank bought a new stake in Fifth Third Bancorp during the 4th quarter valued at about $649,264,000. Clearbridge Investments LLC boosted its stake in Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after purchasing an additional 2,644,332 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after purchasing an additional 2,293,939 shares in the last quarter. Nuveen LLC increased its holdings in shares of Fifth Third Bancorp by 25.3% in the 4th quarter. Nuveen LLC now owns 10,874,010 shares of the financial services provider’s stock worth $509,012,000 after purchasing an additional 2,196,388 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in shares of Fifth Third Bancorp by 131.3% in the fourth quarter. Westfield Capital Management Co. LP now owns 3,746,926 shares of the financial services provider’s stock worth $175,394,000 after purchasing an additional 2,126,978 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of several recent analyst reports. Evercore increased their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Morgan Stanley lowered their target price on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Jefferies Financial Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Finally, Piper Sandler restated an “overweight” rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.34.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $53.02 on Tuesday. Fifth Third Bancorp has a 52-week low of $37.88 and a 52-week high of $55.44. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm’s fifty day moving average is $49.95 and its 200 day moving average is $48.99. The company has a market cap of $48.05 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.09 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the previous year, the firm posted $0.71 EPS. Sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company’s stock.

About Fifth Third Bancorp

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.