Allstate Corp Buys 24,771 Shares of Fifth Third Bancorp $FITB

Key Points

• Allstate Corp more than doubled its stake in Fifth Third Bancorp during the fourth quarter, buying an additional 24,771 shares and lifting its total holdings to 48,621 shares worth about $2.28 million.
• Fifth Third Bancorp reported stronger-than-expected first-quarter earnings, posting $0.83 EPS versus the consensus estimate of a loss, though revenue came in slightly below forecasts at $2.83 billion.
• The bank also paid a $0.40 quarterly dividend and offers an annualized yield of about 3.2%; meanwhile, analysts remain mostly positive with an average Moderate Buy rating and a consensus price target of $57.19.

Allstate Corp grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 103.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,621 shares of the financial services provider's stock after acquiring an additional 24,771 shares during the period. Allstate Corp's holdings in Fifth Third Bancorp were worth $2,276,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in shares of Fifth Third Bancorp by 16.7% during the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock worth $714,457,000 after buying an additional 2,293,939 shares during the last quarter. Alecta Tjanstepension Omsesidigt increased its holdings in Fifth Third Bancorp by 130.6% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider's stock valued at $157,541,000 after purchasing an additional 1,907,400 shares during the last quarter. Capital World Investors increased its holdings in Fifth Third Bancorp by 6.2% in the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider's stock valued at $1,373,490,000 after purchasing an additional 1,803,861 shares during the last quarter. Smead Capital Management Inc. increased its holdings in Fifth Third Bancorp by 99.9% in the fourth quarter. Smead Capital Management Inc. now owns 3,250,139 shares of the financial services provider's stock valued at $152,139,000 after purchasing an additional 1,624,138 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Fifth Third Bancorp by 3,358.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,667,523 shares of the financial services provider's stock valued at $78,057,000 after purchasing an additional 1,619,314 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 0.0%

Shares of FITB stock opened at $49.88 on Friday. The firm has a fifty day moving average of $48.41 and a 200-day moving average of $48.19. 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 12-month low of $37.28 and a 12-month high of $55.44. The company has a market capitalization of $45.21 billion, a price-to-earnings ratio of 16.74, a P/E/G ratio of 1.02 and a beta of 0.94.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.87. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate 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 firm earned $0.71 earnings per share. As a group, equities research analysts predict 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 given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp's dividend payout ratio (DPR) is 53.69%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. TD Cowen reiterated a "buy" rating and issued a $60.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, February 3rd. Weiss Ratings lowered shares of Fifth Third Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. Zacks Research lowered shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Truist Financial set a $57.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, April 21st. Finally, JPMorgan Chase & Co. increased their price target on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $57.19.

Insiders Place Their Bets

In related news, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares of the company's stock, valued at approximately $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 accessible through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm'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 completion of the transaction, the executive vice president directly owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by company insiders.

Fifth Third Bancorp 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.

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