Fifth Third Bancorp Buys 230,687 Shares of Fifth Third Bancorp $FITB

Fifth Third Bancorp raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 33.6% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 916,927 shares of the financial services provider’s stock after purchasing an additional 230,687 shares during the quarter. Fifth Third Bancorp’s holdings in Fifth Third Bancorp were worth $42,600,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Harbor Investment Advisory LLC boosted its stake in Fifth Third Bancorp by 501.9% during the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd bought a new stake in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Leonteq Securities AG acquired a new stake in Fifth Third Bancorp in the fourth quarter worth $30,000. Reflection Asset Management acquired a new stake in Fifth Third Bancorp in the fourth quarter worth $30,000. Finally, EFG International AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth $33,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FITB. Piper Sandler reissued an “overweight” rating and issued a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. JPMorgan Chase & Co. raised their price objective on Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. UBS Group lifted their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Robert W. Baird boosted their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $57.00 price target on shares of Fifth Third Bancorp in a report on Monday, May 4th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.11.

Fifth Third Bancorp Price Performance

FITB stock opened at $57.12 on Monday. The stock has a 50-day moving average price of $52.24 and a two-hundred day moving average price of $50.29. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $58.51. The stock has a market cap of $51.77 billion, a PE ratio of 19.17, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. 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 (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period in the previous year, the company posted $0.71 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

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.