Fifth Third Bancorp $FITB Shares Bought by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management Co. increased its stake in Fifth Third Bancorp by 71.3% in the fourth quarter, ending with 104,436 shares valued at about $4.89 million.
• Institutional ownership remains heavy, with hedge funds and other investors continuing to add positions; overall, institutions own 83.79% of Fifth Third Bancorp’s stock.
• Analysts are generally constructive on FITB, with a Moderate Buy consensus and an average price target of $57.19, while the stock recently traded around $49.48 and the company posted stronger-than-expected quarterly EPS of $0.83.

Northwestern Mutual Wealth Management Co. boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 71.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 104,436 shares of the financial services provider's stock after buying an additional 43,458 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in Fifth Third Bancorp were worth $4,889,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westside Investment Management Inc. boosted its stake in Fifth Third Bancorp by 100.0% during the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider's stock worth $26,000 after buying an additional 292 shares during the last quarter. Harbor Investment Advisory LLC boosted its stake in Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after buying an additional 517 shares during the last quarter. United Community Bank boosted its stake in Fifth Third Bancorp by 581.0% during the third quarter. United Community Bank now owns 681 shares of the financial services provider's stock worth $30,000 after buying an additional 581 shares during the last quarter. Quest 10 Wealth Builders Inc. boosted its stake in Fifth Third Bancorp by 619.6% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider's stock worth $34,000 after buying an additional 632 shares during the last quarter. Finally, Salomon & Ludwin LLC boosted its stake in Fifth Third Bancorp by 77.6% during the fourth quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider's stock worth $36,000 after buying an additional 322 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on FITB shares. Weiss Ratings lowered Fifth Third Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, May 6th. UBS Group reaffirmed a "buy" rating and issued a $59.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Truist Financial set a $57.00 price target on Fifth Third Bancorp in a research note on Tuesday, April 21st. Wall Street Zen raised Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Finally, Wolfe Research decreased their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 1st. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus price target of $57.19.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business's stock in a transaction 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 sale, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the business's 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 completion of the sale, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% 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 insiders.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $49.48 on Friday. Fifth Third Bancorp has a 52 week low of $36.64 and a 52 week high of $55.44. The business's fifty day simple moving average is $47.94 and its 200-day simple moving average is $47.94. The firm has a market cap of $44.84 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.01 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 announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate 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 business 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. Equities analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp's payout ratio is currently 53.69%.

Fifth Third Bancorp Company 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.

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