Fideuram Intesa Sanpaolo Private Banking S.P.A. Boosts Stake in Fifth Third Bancorp $FITB

Fideuram Intesa Sanpaolo Private Banking S.P.A. lifted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 23.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 174,582 shares of the financial services provider's stock after purchasing an additional 32,606 shares during the quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A.'s holdings in Fifth Third Bancorp were worth $8,111,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Strs Ohio raised its stake in Fifth Third Bancorp by 35.6% during the 1st quarter. Strs Ohio now owns 21,626 shares of the financial services provider's stock valued at $1,005,000 after acquiring an additional 5,675 shares during the last quarter. Boston Trust Walden Corp acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $243,000. Keybank National Association OH lifted its holdings in shares of Fifth Third Bancorp by 33.2% during the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider's stock worth $3,985,000 after purchasing an additional 21,365 shares during the period. Pzena Investment Management LLC grew its position in Fifth Third Bancorp by 74.4% in the 1st quarter. Pzena Investment Management LLC now owns 1,635,817 shares of the financial services provider's stock valued at $76,000,000 after buying an additional 697,995 shares during the last quarter. Finally, Root Financial Partners LLC grew its position in Fifth Third Bancorp by 8.3% in the 1st quarter. Root Financial Partners LLC now owns 3,924 shares of the financial services provider's stock valued at $182,000 after buying an additional 301 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Down 0.6%

FITB stock opened at $57.15 on Friday. The company has a 50 day moving average price of $51.42 and a two-hundred day moving average price of $49.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a market capitalization of $51.80 billion, a P/E ratio of 19.18, a PEG ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $58.15.

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 for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the prior year, the company posted $0.71 EPS. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp's dividend payout ratio is 53.69%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FITB. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Piper Sandler reiterated an "overweight" rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Wolfe Research cut their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 1st. Royal Bank Of Canada restated an "outperform" rating and issued a $57.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Finally, Evercore lifted their price objective on Fifth Third Bancorp from $53.00 to $58.00 in a report on Wednesday, June 24th. Sixteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $57.94.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were 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 $9,556,215.72. This represents a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. The trade was a 7.29% 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 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.