Fifth Third Bancorp $FITB Shares Purchased by Westpac Banking Corp

Key Points

• Westpac Banking Corp dramatically increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 3,114.9% in the first quarter, buying nearly 90,000 additional shares worth about $4.3 million.
• Several major brokerages turned more bullish on FITB, with firms like RBC Capital, Bank of America, JPMorgan, and Jefferies raising price targets; the consensus rating is now Moderate Buy with a target price of $60.20.
• Fifth Third recently reported Q2 earnings of $0.83 per share, slightly below estimates, while also paying a quarterly dividend of $0.40 per share, equal to a 2.8% yield.

Westpac Banking Corp lifted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 3,114.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 92,846 shares of the financial services provider's stock after purchasing an additional 89,958 shares during the quarter. Westpac Banking Corp's holdings in Fifth Third Bancorp were worth $4,314,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of FITB. Center for Financial Planning Inc. purchased a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at approximately $25,000. SouthState Bank Corp raised its position in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock valued at $26,000 after buying an additional 236 shares during the period. Harbor Investment Advisory LLC lifted its holdings in Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Finally, Leonteq Securities AG purchased a new position in Fifth Third Bancorp in the fourth quarter worth approximately $30,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FITB. Stephens assumed coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an "equal weight" rating and a $58.00 target price for the company. JPMorgan Chase & Co. upped their price target on Fifth Third Bancorp from $54.50 to $61.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. Royal Bank Of Canada increased their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a report on Monday. Bank of America raised their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday. Finally, Jefferies Financial Group boosted their price objective 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 8th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.20.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction dated Tuesday, April 28th. The stock was 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 directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.51% of the company's stock.

Fifth Third Bancorp Stock Up 0.4%

Fifth Third Bancorp stock opened at $57.62 on Wednesday. The company has a market capitalization of $52.22 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. 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 fifty-two week low of $40.04 and a fifty-two week high of $59.50. The firm has a 50 day moving average price of $53.37 and a 200 day moving average price of $50.78.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the company earned $0.88 earnings per share. Research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp's dividend payout ratio is presently 54.61%.

Fifth Third Bancorp News Roundup

Here are the key news stories impacting Fifth Third Bancorp this week:

• Positive Sentiment: RBC Capital upgraded Fifth Third Bancorp (FITB) to Buy and raised its price target, reinforcing the post-earnings bullish tone around the stock. Fifth Third Bancorp (FITB) Gets a Buy from RBC Capital
• Positive Sentiment: D.A. Davidson also reiterated a Buy rating and lifted its target to $65, adding to expectations that the stock still has room to run. Fifth Third Bancorp (FITB) Receives a Buy from D.A. Davidson
• Positive Sentiment: Bank of America, RBC, and Keefe Bruyette all raised price targets after Fifth Third reported stronger-than-expected second-quarter results, with EPS of $1.02 topping estimates of $0.95.
• Positive Sentiment: Additional commentary highlighted Fifth Third as a potential dividend and growth story, which may support investor interest in the stock. Why Fifth Third Bancorp (FITB) is a Great Dividend Stock Right Now
• Neutral Sentiment: Industry coverage on banks using fintech and embedded finance for deposits suggests a broader strategic trend, but it does not directly change Fifth Third’s near-term outlook. Banks Tap FinTechs and Embedded Finance for Deposits
• Neutral Sentiment: One Seeking Alpha piece argued that Comerica could be a growth catalyst for Fifth Third, but this is more of a thesis than a confirmed corporate development. Fifth Third Bancorp: Comerica Is Now A Growth Catalyst

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.