Elevation Point Wealth Partners LLC Buys 26,418 Shares of Fifth Third Bancorp $FITB

Key Points

• Elevation Point Wealth Partners LLC increased its stake in Fifth Third Bancorp by 393.4% in the first quarter, buying 26,418 additional shares to bring its total to 33,134 shares worth about $1.55 million.
• Several other institutional investors also adjusted their FITB holdings, and institutions now own 83.79% of the stock, while insiders own just 0.51%.
• Fifth Third Bancorp reported stronger-than-expected quarterly earnings of $0.83 per share versus the $0.63 consensus estimate, and it also announced a quarterly dividend of $0.40 per share, implying a 2.8% annual yield.

Elevation Point Wealth Partners LLC lifted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 393.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,134 shares of the financial services provider's stock after buying an additional 26,418 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Fifth Third Bancorp were worth $1,552,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FITB. Robinhood Asset Management LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth about $8,529,000. Nordea Investment Management AB raised its holdings in shares of Fifth Third Bancorp by 3.2% during the 4th quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider's stock valued at $59,788,000 after buying an additional 39,261 shares in the last quarter. Barclays PLC lifted its position in Fifth Third Bancorp by 27.0% in the 3rd quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider's stock worth $175,850,000 after buying an additional 840,094 shares during the last quarter. Franklin Resources Inc. lifted its position in Fifth Third Bancorp by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider's stock worth $353,354,000 after buying an additional 690,648 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock worth $848,672,000 after buying an additional 96,656 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares of the company's stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on FITB shares. Wall Street Zen raised shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. DA Davidson reaffirmed a "buy" rating and set a $58.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 20th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a research report on Monday, May 4th. The Goldman Sachs Group boosted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Finally, Morgan Stanley raised their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, June 29th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.94.

Fifth Third Bancorp Stock Down 0.0%

NASDAQ FITB opened at $57.15 on Monday. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $58.15. The stock has a market capitalization of $51.80 billion, a PE ratio of 19.18, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The business's 50-day moving average is $51.55 and its 200 day moving average is $49.96.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion during the quarter, compared to analysts' expectations of $2.91 billion. During the same quarter last year, the business posted $0.71 EPS. Sell-side analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

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 given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp's payout ratio is presently 53.69%.

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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