Fifth Third Bancorp $FITB Stock Holdings Boosted by HB Wealth Management LLC

Key Points

• HB Wealth Management LLC boosted its stake in Fifth Third Bancorp by 75.3% in the first quarter, adding 54,467 shares to bring its total holding to 126,840 shares worth about $5.9 million.
• Analysts remain generally positive on FITB, with a consensus rating of “Moderate Buy” and an average price target of $57.94. Several firms recently raised targets, including Truist Financial and Jefferies, both setting $60 targets.
• Fifth Third Bancorp reported stronger-than-expected earnings of $0.83 per share for the latest quarter and also declared a quarterly dividend of $0.40 per share, equal to a 2.8% annualized yield.

HB Wealth Management LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 75.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 126,840 shares of the financial services provider's stock after acquiring an additional 54,467 shares during the period. HB Wealth Management LLC's holdings in Fifth Third Bancorp were worth $5,893,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FITB. Harbor Investment Advisory LLC increased its stake in shares of 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. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Reflection Asset Management acquired a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $30,000. Finally, EFG International AG bought a new position in Fifth Third Bancorp in the 4th quarter worth approximately $33,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on FITB. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Piper Sandler reiterated an "overweight" rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Truist Financial increased their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. DA Davidson reissued a "buy" rating and set a $58.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 20th. Finally, Jefferies Financial Group lifted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, April 8th. Sixteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $57.94.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $57.15 on Friday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $58.15. The stock has a market cap of $51.80 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 1.09 and a beta of 0.90. The stock's 50 day moving average price is $51.55 and its 200 day moving average price is $49.95. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates 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 posted $0.71 earnings per share. Equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders 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 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp's dividend payout ratio is 53.69%.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp 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 transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the business's 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 completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company's stock.

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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