Fifth Third Bancorp Purchases 230,687 Shares of Fifth Third Bancorp $FITB

Key Points

• Fifth Third Bancorp increased its stake in the company by 33.6% in the first quarter, buying 230,687 additional shares and bringing its total holdings to 916,927 shares worth about $42.6 million.
• Several insiders sold shares recently, including EVP Kevin J. Khanna and EVP Peter L. Sefzik, while insiders overall hold just 0.51% of the stock.
• The bank reported better-than-expected quarterly earnings of $0.83 per share, and analysts remain broadly positive with a consensus Moderate Buy rating and average price target of $59.11.

Fifth Third Bancorp raised its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 33.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 916,927 shares of the financial services provider's stock after buying an additional 230,687 shares during the period. Fifth Third Bancorp owned 0.10% of Fifth Third Bancorp worth $42,600,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Cullen Frost Bankers Inc. boosted its holdings in shares of Fifth Third Bancorp by 4.6% in the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider's stock worth $199,000 after acquiring an additional 187 shares in the last quarter. Equitable Holdings Inc. grew its position in Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock worth $232,000 after acquiring an additional 195 shares during the last quarter. Koshinski Asset Management Inc. increased its holdings in Fifth Third Bancorp by 3.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock valued at $322,000 after purchasing an additional 206 shares in the last quarter. Keybank National Association OH increased its holdings in Fifth Third Bancorp by 0.3% during the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider's stock valued at $3,015,000 after purchasing an additional 214 shares in the last quarter. Finally, CreativeOne Wealth LLC raised its position in Fifth Third Bancorp by 1.9% in the 4th quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider's stock valued at $545,000 after purchasing an additional 216 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company's stock, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction 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 sale, the executive vice president directly owned 189,382 shares of the company's stock, 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 owned by insiders.

Fifth Third Bancorp Trading Up 0.1%

FITB stock opened at $57.12 on Monday. 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 has a twelve month low of $40.04 and a twelve month high of $58.51. The company has a market cap of $51.77 billion, a P/E ratio of 19.17, a PEG ratio of 1.09 and a beta of 0.90. The business has a fifty day moving average of $52.24 and a 200-day moving average of $50.29.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted 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 business had revenue of $2.83 billion for the quarter, compared to analysts' expectations 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 quarter last year, the business earned $0.71 earnings per share. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is 53.69%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Jefferies Financial Group boosted their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, April 8th. Truist Financial lifted their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. upped their price target on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Weiss Ratings raised shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 1st. Finally, Stephens started coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price objective for the company. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.11.

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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