Davis Selected Advisers Boosts Stock Position in Fifth Third Bancorp $FITB

Key Points

• Davis Selected Advisers increased its Q4 stake in Fifth Third Bancorp by 2.8% to 2,744,310 shares (about $128.46 million), representing roughly 0.42% of the company.
• Fifth Third beat on earnings with EPS $0.83 vs. consensus (‑$0.04) while reporting $2.86 billion in revenue (slightly below estimates), and pays a $0.40 quarterly dividend for a 3.2% yield.
• Insider selling occurred recently (EVPs Peter L. Sefzik sold 20,000 shares and Kevin J. Khanna sold 6,000), even as analysts maintain a largely positive stance — an average "Moderate Buy" rating with a mean price target of $57.19.

Davis Selected Advisers raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,744,310 shares of the financial services provider's stock after purchasing an additional 75,441 shares during the quarter. Davis Selected Advisers owned 0.42% of Fifth Third Bancorp worth $128,461,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Keybank National Association OH grew its stake in Fifth Third Bancorp by 0.3% during the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider's stock valued at $3,015,000 after purchasing an additional 214 shares during the last quarter. Austin Private Wealth LLC grew its stake in Fifth Third Bancorp by 2.7% during the 4th quarter. Austin Private Wealth LLC now owns 8,686 shares of the financial services provider's stock valued at $407,000 after purchasing an additional 228 shares during the last quarter. Wealthquest Corp grew its stake in Fifth Third Bancorp by 2.3% during the 3rd quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 244 shares during the last quarter. Capital Investment Advisory Services LLC grew its stake in Fifth Third Bancorp by 1.1% during the 3rd quarter. Capital Investment Advisory Services LLC now owns 22,686 shares of the financial services provider's stock valued at $1,011,000 after purchasing an additional 251 shares during the last quarter. Finally, Foster & Motley Inc. grew its stake in Fifth Third Bancorp by 1.7% during the 3rd quarter. Foster & Motley Inc. now owns 15,981 shares of the financial services provider's stock valued at $712,000 after purchasing an additional 265 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Truist Financial set a $57.00 target price on Fifth Third Bancorp in a research note on Tuesday, April 21st. Zacks Research upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 10th. TD Cowen restated a "buy" rating and issued a $60.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Barclays upped their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a research note on Monday, April 20th. Finally, DA Davidson restated a "buy" rating and issued a $58.00 target price on shares of Fifth Third Bancorp in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $57.19.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $50.46 on Friday. The company has a market capitalization of $45.70 billion, a P/E ratio of 16.93, a P/E/G ratio of 1.04 and a beta of 0.94. The business's 50 day moving average is $48.11 and its two-hundred day moving average is $47.25. 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 has a 12-month low of $36.48 and a 12-month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. The company had revenue of $2.86 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the business posted $0.71 earnings per share. Analysts expect that Fifth Third Bancorp will post 4.09 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $0.40 per share. The ex-dividend date 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 is currently 53.69%.

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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