Delta Global Management LP Buys New Shares in Fifth Third Bancorp $FITB

Key Points

• Delta Global Management initiated a new position in Fifth Third Bancorp, buying 51,846 shares worth about $2.43 million in the fourth quarter.
• The stock has seen significant institutional interest overall, with institutions owning 83.79% of shares; several large investors increased their stakes, including Clearbridge Investments and Nuveen.
• Fifth Third Bancorp posted stronger-than-expected quarterly earnings of $0.83 per share versus estimates of $0.63, and it recently announced a $0.40 quarterly dividend payable July 15, implying a 3.0% yield.

Delta Global Management LP bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 51,846 shares of the financial services provider's stock, valued at approximately $2,427,000.

A number of other institutional investors have also added to or reduced their stakes in FITB. Norges Bank bought a new position in Fifth Third Bancorp in the fourth quarter valued at $649,264,000. Clearbridge Investments LLC increased its stake in Fifth Third Bancorp by 719.2% in the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock valued at $140,993,000 after acquiring an additional 2,644,332 shares during the last quarter. Bank of America Corp DE increased its stake in Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock valued at $714,457,000 after acquiring an additional 2,293,939 shares during the last quarter. Nuveen LLC increased its stake in Fifth Third Bancorp by 25.3% in the fourth quarter. Nuveen LLC now owns 10,874,010 shares of the financial services provider's stock valued at $509,012,000 after acquiring an additional 2,196,388 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in shares of Fifth Third Bancorp by 131.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 3,746,926 shares of the financial services provider's stock valued at $175,394,000 after buying an additional 2,126,978 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $53.02 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average of $49.95 and a 200-day moving average of $48.99. The firm has a market cap of $48.05 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.09 and a beta of 0.92. Fifth Third Bancorp has a 1-year low of $37.88 and a 1-year high of $55.44.

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 for the quarter, topping analysts' consensus estimates of $0.63 by $0.20. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.71 earnings per share. Sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 3.0%. Fifth Third Bancorp's dividend payout ratio (DPR) is 53.69%.

Insider Activity

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 transaction of $304,620.00. Following the completion of the sale, the executive vice president owned 76,299 shares of the company's stock, valued at $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. Company insiders own 0.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FITB shares. Stephens started coverage on Fifth Third Bancorp in a research note on Monday. They set an "equal weight" rating and a $58.00 price objective on the stock. Barclays raised their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an "overweight" rating in a research note on Monday, April 20th. Jefferies Financial Group raised their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, April 8th. Weiss Ratings raised Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. Finally, DA Davidson reaffirmed a "buy" rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $57.34.

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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