Fifth Third Bancorp $FITB Shares Sold by Diversified Trust Co

Key Points

• Diversified Trust Co cut its stake in Fifth Third Bancorp by 77.4% in the first quarter, leaving it with 12,510 shares valued at about $581,000.
• Several other hedge funds also adjusted their positions, and institutional investors own 83.79% of FITB shares overall. Meanwhile, insiders have been selling, including EVP Peter L. Sefzik and EVP Kevin J. Khanna.
• Analysts remain broadly positive on Fifth Third Bancorp, with a Moderate Buy consensus and an average price target of $57.74. The company also beat earnings expectations last quarter and announced a quarterly dividend of $0.40 per share.

Diversified Trust Co reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 77.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,510 shares of the financial services provider's stock after selling 42,793 shares during the quarter. Diversified Trust Co's holdings in Fifth Third Bancorp were worth $581,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of FITB. Harbor Investment Advisory LLC grew 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 purchasing an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $29,000. Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth $30,000. Reflection Asset Management purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth about $30,000. Finally, EFG International AG acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $33,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president owned 189,382 shares of the company's stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction 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. This trade represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company's stock.

Analysts Set New Price Targets

FITB has been the subject of several research reports. Royal Bank Of Canada restated an "outperform" rating and set a $57.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Morgan Stanley lowered their target price on Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Truist Financial boosted their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday. DA Davidson restated a "buy" rating and issued a $58.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Finally, Robert W. Baird increased their price objective on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $57.74.

Fifth Third Bancorp Price Performance

FITB stock opened at $56.48 on Friday. The company has a market cap of $51.19 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a 50-day moving average price of $50.76 and a two-hundred day moving average price of $49.54. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $56.59.

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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.20. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate 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 firm earned $0.71 EPS. As a group, research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp's payout ratio is currently 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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