Fideuram Intesa Sanpaolo Private Banking S.P.A. Buys Shares of 141,976 Fifth Third Bancorp $FITB

Key Points

• Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new stake in Fifth Third Bancorp in the fourth quarter, acquiring 141,976 shares worth about $6.65 million.
• Fifth Third Bancorp reported strong quarterly earnings, posting $0.83 EPS versus expectations for a loss, though revenue came in slightly below estimates at $2.83 billion.
• The bank also paid a quarterly dividend of $0.40 per share, equal to an annualized yield of 3.4%, while analysts currently rate the stock a Moderate Buy with an average price target of $57.19.

Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 141,976 shares of the financial services provider's stock, valued at approximately $6,646,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FITB. AE Wealth Management LLC lifted its holdings in shares of Fifth Third Bancorp by 4.7% during the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider's stock valued at $15,503,000 after buying an additional 15,627 shares during the last quarter. Bahl & Gaynor Inc. lifted its holdings in shares of Fifth Third Bancorp by 18.0% during the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider's stock worth $7,189,000 after buying an additional 24,566 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 2.4% during the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider's stock worth $90,131,000 after buying an additional 48,080 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Fifth Third Bancorp by 3.2% during the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider's stock worth $59,788,000 after buying an additional 39,261 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its holdings in shares of Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider's stock worth $72,169,000 after buying an additional 340,030 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Trading Down 0.7%

NASDAQ FITB opened at $47.60 on Wednesday. The business's 50-day moving average price is $47.76 and its two-hundred day moving average price is $47.83. Fifth Third Bancorp has a 12 month low of $36.64 and a 12 month high of $55.44. The firm has a market capitalization of $43.14 billion, a PE ratio of 15.97, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94. 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 released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same quarter in the previous year, the company posted $0.71 EPS. On average, analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio is 53.69%.

Insider Buying and Selling

In other news, 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 value of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares of the company's stock, valued at $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on 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 transaction, the executive vice president directly owned 189,382 shares of the company's stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FITB has been the subject of a number of recent research reports. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Citigroup upped their price target on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a "neutral" rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. raised their target price on Fifth Third Bancorp from $53.00 to $54.50 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Janney Montgomery Scott upped their price target on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a "buy" rating in a research report on Wednesday, January 21st. Finally, Argus upped their price target on Fifth Third Bancorp from $49.00 to $58.00 in a research note on Thursday, January 22nd. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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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