Fifth Third Bancorp $FITB Shares Acquired by Maltese Capital Management LLC

Key Points

• Maltese Capital Management sharply increased its Fifth Third Bancorp stake by 276.5% in the fourth quarter, ending with 94,125 shares valued at about $4.4 million.
• Fifth Third Bancorp reported better-than-expected earnings for the quarter, posting $0.83 EPS versus the $0.63 consensus, though revenue came in slightly below estimates.
• The bank announced a quarterly dividend of $0.40 per share, equivalent to an annualized yield of 3.0%, while analysts currently maintain a consensus Moderate Buy rating with a $57.34 price target.

Maltese Capital Management LLC grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 276.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 94,125 shares of the financial services provider's stock after acquiring an additional 69,125 shares during the period. Maltese Capital Management LLC's holdings in Fifth Third Bancorp were worth $4,406,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC increased its position in shares of Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after acquiring an additional 916 shares during the period. Woodline Partners LP lifted its holdings in shares of Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock valued at $2,218,000 after purchasing an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 759 shares during the period. Brown Advisory Inc. grew its stake in Fifth Third Bancorp by 5.0% during the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock worth $422,000 after buying an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL acquired a new position in Fifth Third Bancorp during the second quarter worth approximately $968,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $53.02 on Tuesday. The stock has a market capitalization of $48.05 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.09 and a beta of 0.92. The company's 50-day simple moving average is $49.95 and its 200-day simple moving average is $48.99. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a one year low of $37.88 and a one year high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its 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 $0.63 by $0.20. The firm had revenue of $2.83 billion for the quarter, compared to analysts' expectations 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 quarter last year, the company posted $0.71 earnings per share. Equities analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders 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 dividend yield of 3.0%. Fifth Third Bancorp's payout ratio is currently 53.69%.

Insiders Place Their Bets

In other 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 transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred on 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 transaction, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on FITB shares. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. Barclays lifted their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Wall Street Zen raised shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Finally, The Goldman Sachs Group boosted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $57.34.

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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