ABN Amro Investment Solutions Boosts Stock Position in Fifth Third Bancorp $FITB

Key Points

• ABN Amro Investment Solutions increased its stake in Fifth Third Bancorp by 45.8% in the fourth quarter, ending with 117,819 shares valued at about $5.5 million.
• Fifth Third Bancorp reported strong quarterly earnings, posting $0.83 EPS versus expectations for a loss and topping last year’s $0.71 per share, though revenue came in slightly below estimates at $2.83 billion.
• The bank recently paid a $0.40 quarterly dividend, implying an annualized yield of 3.3%, while analysts currently maintain a Moderate Buy consensus with an average price target of $57.19.

ABN Amro Investment Solutions grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 45.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 117,819 shares of the financial services provider's stock after acquiring an additional 36,983 shares during the period. ABN Amro Investment Solutions' holdings in Fifth Third Bancorp were worth $5,515,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Westside Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock worth $26,000 after purchasing an additional 292 shares during the period. Harbor Investment Advisory LLC increased its holdings in shares of Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after purchasing an additional 517 shares during the period. United Community Bank increased its holdings in shares of Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider's stock worth $30,000 after purchasing an additional 581 shares during the period. Quest 10 Wealth Builders Inc. increased its holdings in shares of Fifth Third Bancorp by 619.6% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider's stock worth $34,000 after purchasing an additional 632 shares during the period. Finally, Salomon & Ludwin LLC increased its holdings in shares of Fifth Third Bancorp by 77.6% in the fourth quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider's stock worth $36,000 after purchasing an additional 322 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.6%

FITB opened at $49.16 on Friday. The stock has a market cap of $44.55 billion, a PE ratio of 16.50, a P/E/G ratio of 1.00 and a beta of 0.94. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 52 week low of $36.64 and a 52 week high of $55.44. The business's fifty day simple moving average is $47.85 and its 200 day simple moving average is $47.93.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion for the quarter, compared to analysts' expectations of $2.91 billion. During the same period last year, the firm earned $0.71 earnings per share. As a group, 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.3%. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 53.69%.

Analyst Ratings Changes

Several research firms have recently weighed in on FITB. The Goldman Sachs Group upped their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. Citigroup upped their price target on shares of Fifth Third Bancorp from $50.00 to $53.00 and gave the stock a "neutral" rating in a report on Friday, January 23rd. Piper Sandler reaffirmed 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. Argus upped their price target on shares of Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Finally, Zacks Research cut Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.19.

Insider Activity

In related news, 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 value of $1,009,200.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm'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 in the company, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by company insiders.

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.

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