Fifth Third Bancorp $FITB Shares Acquired by Payden & Rygel

Key Points

• Payden & Rygel increased its stake in Fifth Third Bancorp by 11.7% in the fourth quarter, adding 28,400 shares to reach 272,000 shares valued at about $12.7 million.
• Institutional ownership remains high, with 83.79% of FITB stock held by institutions and hedge funds, while company insiders own just 0.51%.
• Fifth Third Bancorp reported strong quarterly earnings, posting $0.83 EPS versus the expected loss of $0.04, and it also pays a quarterly dividend of $0.40 per share, or a 3.3% annual yield.

Payden & Rygel lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 11.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 272,000 shares of the financial services provider's stock after buying an additional 28,400 shares during the period. Payden & Rygel's holdings in Fifth Third Bancorp were worth $12,732,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Empowered Funds LLC lifted its stake in Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after purchasing an additional 916 shares in the last quarter. Woodline Partners LP grew its position in shares of Fifth Third Bancorp by 40.5% in the first 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 in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Fifth Third Bancorp by 45.5% in the second 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 last quarter. Brown Advisory Inc. increased its holdings in shares of Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock valued at $422,000 after purchasing an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new position in Fifth Third Bancorp during the second quarter worth approximately $968,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business's stock in a transaction that occurred 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 sale, the executive vice president directly owned 189,382 shares of the company's stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 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 represents 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 owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on FITB shares. Weiss Ratings cut Fifth Third Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. Argus lifted their price target on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Robert W. Baird upped their price objective on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the company an "outperform" rating in a report on Monday, April 20th. Zacks Research cut shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $57.00 target price on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $57.19.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $47.94 on Tuesday. Fifth Third Bancorp has a 52 week low of $36.64 and a 52 week high of $55.44. The stock's fifty day moving average is $47.76 and its two-hundred day moving average is $47.79. The company has a market capitalization of $43.45 billion, a P/E ratio of 16.09, a P/E/G ratio of 0.97 and a beta of 0.94. The company has a quick ratio of 0.83, a current 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 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. The business had revenue of $2.83 billion during the quarter, compared to analysts' expectations of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period in the prior year, the business posted $0.71 EPS. Equities analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is 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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