Fifth Third Bancorp $FITB Shares Bought by IFM Investors Pty Ltd

Key Points

• IFM Investors Pty Ltd boosted its stake in Fifth Third Bancorp by 39.7% in the first quarter, buying an additional 50,028 shares and bringing its total holdings to 176,117 shares worth about $8.2 million.
• Fifth Third Bancorp reported better-than-expected quarterly earnings of $0.83 per share, topping estimates by $0.20, though revenue came in slightly below consensus at $2.83 billion.
• The bank declared a quarterly dividend of $0.40 per share, equal to an annualized yield of 2.8%, while analysts currently rate the stock a “Moderate Buy” with an average price target of $57.94.

IFM Investors Pty Ltd lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 39.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 176,117 shares of the financial services provider's stock after buying an additional 50,028 shares during the period. IFM Investors Pty Ltd's holdings in Fifth Third Bancorp were worth $8,182,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Rexford Capital Inc. acquired a new stake in shares of Fifth Third Bancorp in the first quarter valued at about $470,000. Premier Path Wealth Partners LLC increased its holdings in Fifth Third Bancorp by 18.1% in the first quarter. Premier Path Wealth Partners LLC now owns 10,126 shares of the financial services provider's stock valued at $470,000 after buying an additional 1,549 shares in the last quarter. McMillan Office Inc. acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $7,719,000. EWA LLC acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at approximately $213,000. Finally, Lansforsakringar Fondforvaltning AB publ boosted its stake in shares of Fifth Third Bancorp by 9.6% during the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 6,985 shares of the financial services provider's stock worth $325,000 after acquiring an additional 610 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

FITB stock opened at $57.15 on Friday. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $58.15. 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's 50 day moving average price is $51.42 and its 200 day moving average price is $49.89. The firm has a market cap 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 (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 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 company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter last year, the business posted $0.71 earnings per share. On average, sell-side analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

Analysts Set New Price Targets

FITB has been the topic of a number of research reports. Jefferies Financial Group upped their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. Zacks Research downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Wolfe Research lowered their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a report on Wednesday, April 1st. Barclays raised their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Finally, JPMorgan Chase & Co. lifted their price target on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $57.94.

Insider Activity

In other news, 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 value of $304,620.00. Following the completion of the transaction, the executive vice president owned 76,299 shares of the company's stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the company'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 transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their position. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by company insiders.

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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