Fifth Third Bancorp Sells 27,178 Shares of Fifth Third Bancorp $FITB

Key Points

• Fifth Third Bancorp reported a 3.8% reduction in its holdings during the fourth quarter, selling 27,178 shares and leaving the fund with 686,240 shares valued at about $32.12 million.
• Two executive vice presidents executed insider sales totaling 26,000 shares (Peter L. Sefzik sold 20,000 shares for ~$1.01 million; Kevin J. Khanna sold 6,000 shares for ~$304,620), cutting their ownership stakes by roughly 9.6% and 7.3%, respectively.
• Wall Street sentiment is broadly positive with a consensus “Moderate Buy” and a $57.19 target after Fifth Third posted a sizable EPS beat ($0.83 vs. -$0.04), and the stock offers a 3.2% dividend yield.

Fifth Third Bancorp lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 3.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 686,240 shares of the financial services provider's stock after selling 27,178 shares during the period. Fifth Third Bancorp owned 0.10% of Fifth Third Bancorp worth $32,123,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in FITB. AE Wealth Management LLC grew its position in shares of Fifth Third Bancorp by 4.7% during the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider's stock valued at $15,503,000 after acquiring an additional 15,627 shares during the period. Bahl & Gaynor Inc. grew its position in shares of Fifth Third Bancorp by 18.0% during the 3rd quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider's stock valued at $7,189,000 after acquiring an additional 24,566 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 2.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider's stock valued at $90,131,000 after acquiring an additional 48,080 shares during the period. Generali Asset Management SPA SGR acquired a new stake in shares of Fifth Third Bancorp during the 3rd quarter valued at about $1,314,000. Finally, Westfield Capital Management Co. LP grew its position in shares of Fifth Third Bancorp by 26.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider's stock valued at $72,169,000 after acquiring an additional 340,030 shares during the period. Institutional investors own 83.79% of the company's stock.

Insider Buying and Selling

In related news, EVP Peter L. Sefzik sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the company'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 completion of the transaction, the executive vice president owned 76,299 shares in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FITB. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a "market perform" rating in a research report on Wednesday, January 21st. JPMorgan Chase & Co. raised their target price on Fifth Third Bancorp from $53.00 to $54.50 and gave the company an "overweight" rating in a research report on Thursday. TD Cowen restated a "buy" rating and set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Robert W. Baird raised 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. Finally, Weiss Ratings upgraded Fifth Third Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $57.19.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $50.46 on Friday. Fifth Third Bancorp has a one year low of $36.48 and a one year high of $55.44. The company has a market cap of $45.70 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.04 and a beta of 0.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business's 50 day moving average price is $48.11 and its 200 day moving average price is $47.25.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.86 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter last year, the business posted $0.71 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 4.09 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.40 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp's dividend payout ratio is currently 53.69%.

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.

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