AlphaQuest LLC Acquires 43,734 Shares of Fifth Third Bancorp $FITB

Key Points

• AlphaQuest LLC more than doubled its stake in Fifth Third Bancorp during the fourth quarter, increasing holdings by 116.1% to 81,412 shares valued at about $3.81 million.
• Several other institutional investors also boosted positions, and hedge funds and other institutions now own 83.79% of the bank’s shares.
• Fifth Third Bancorp reported stronger-than-expected quarterly earnings of $0.83 per share and continues to attract bullish analyst sentiment, with a consensus rating of Moderate Buy and a target price of $57.19.

AlphaQuest LLC increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 116.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 81,412 shares of the financial services provider's stock after acquiring an additional 43,734 shares during the quarter. AlphaQuest LLC's holdings in Fifth Third Bancorp were worth $3,811,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Westside Investment Management Inc. grew its position in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock valued at $26,000 after buying an additional 292 shares during the period. Harbor Investment Advisory LLC grew its position in shares of 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 valued at $29,000 after acquiring an additional 517 shares during the period. United Community Bank grew its position in shares of Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 581 shares during the period. Leonteq Securities AG purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter worth approximately $30,000. Finally, Quest 10 Wealth Builders Inc. raised its holdings in shares of Fifth Third Bancorp by 619.6% in the 4th 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. Hedge funds and other institutional investors own 83.79% of the company's stock.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business'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 transaction, the executive vice president owned 189,382 shares of the company's stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction that occurred on Monday, April 20th. The stock was 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 owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $49.48 on Tuesday. The company has a 50 day moving average of $48.06 and a 200 day moving average of $48.04. The stock has a market cap of $44.84 billion, a P/E ratio of 16.60, a P/E/G ratio of 1.01 and a beta of 0.94. Fifth Third Bancorp has a 12 month low of $36.64 and a 12 month high of $55.44. 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 - Get Free Report) last posted its earnings results 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. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.83 billion for the quarter, compared to analysts' expectations of $2.91 billion. During the same period in the prior year, the company posted $0.71 EPS. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp's payout ratio is presently 53.69%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Evercore raised their target price on Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Royal Bank Of Canada reiterated an "outperform" rating and set a $57.00 price target on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Robert W. Baird lifted their price objective on Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. TD Cowen restated a "buy" rating and issued a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Finally, Jefferies Financial Group upped their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, April 8th. Seventeen 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 has a consensus rating of "Moderate Buy" and a consensus target price of $57.19.

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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