Fifth Third Bancorp $FITB Shares Sold by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC cut its Fifth Third Bancorp stake by 64.7% in the fourth quarter, selling 50,185 shares and leaving it with 27,398 shares worth about $1.28 million.
• Fifth Third Bancorp reported strong quarterly earnings of $0.83 per share, beating Wall Street estimates of $0.63, though revenue of $2.83 billion came in slightly below expectations.
• The bank continues to draw positive analyst coverage, with 17 Buy ratings and an average price target of $57.19, while paying a quarterly dividend of $0.40 per share, or $1.60 annually.

Intech Investment Management LLC reduced its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 64.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,398 shares of the financial services provider's stock after selling 50,185 shares during the period. Intech Investment Management LLC's holdings in Fifth Third Bancorp were worth $1,282,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Westside Investment Management Inc. increased its position 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 purchasing an additional 292 shares during the last quarter. Harbor Investment Advisory LLC raised its position 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 period. Leonteq Securities AG purchased a new stake in Fifth Third Bancorp in the fourth quarter valued at $30,000. Quest 10 Wealth Builders Inc. raised its position in Fifth Third Bancorp by 619.6% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 632 shares during the period. Finally, Salomon & Ludwin LLC raised its position in Fifth Third Bancorp by 77.6% in the fourth quarter. Salomon & Ludwin LLC now owns 737 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 322 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 0.4%

Shares of NASDAQ FITB opened at $52.01 on Friday. Fifth Third Bancorp has a twelve month low of $37.86 and a twelve month high of $55.44. 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 fifty day simple moving average of $49.08 and a 200-day simple moving average of $48.47. The stock has a market capitalization of $47.14 billion, a PE ratio of 17.45, a PEG ratio of 1.06 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $2.83 billion during the quarter, compared to analysts' expectations of $2.91 billion. During the same period in the previous year, the firm posted $0.71 earnings per share. On average, 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. Stockholders of record on Tuesday, March 31st were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. Fifth Third Bancorp's payout ratio is presently 53.69%.

Insiders Place Their Bets

In other news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp 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 completion of the sale, the executive vice president directly owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp 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 directly owned 189,382 shares of the company's stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.51% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on FITB shares. Robert W. Baird lifted their target price on Fifth Third Bancorp from $55.00 to $56.00 and gave the company an "outperform" rating in a research report on Monday, April 20th. Evercore lifted their target price on Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Royal Bank Of Canada restated an "outperform" rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Truist Financial set a $57.00 target price on Fifth Third Bancorp in a research report on Tuesday, April 21st. Finally, Wolfe Research reduced their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $57.19.

Fifth Third Bancorp 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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

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.