Fishman Jay A Ltd. MI Makes New Investment in Fifth Third Bancorp $FITB

Key Points

• Fishman Jay A Ltd. MI opened a new position in Fifth Third Bancorp, buying 24,911 shares valued at about $1.157 million in the first quarter.
• Fifth Third Bancorp reported better-than-expected earnings for the latest quarter, with EPS of $0.83 versus the $0.63 consensus estimate, while revenue came in slightly below forecasts.
• The bank also announced a quarterly dividend of $0.40 per share, implying an annualized yield of 2.8%, and analysts currently rate the stock a Moderate Buy with a consensus price target of $59.11.

Fishman Jay A Ltd. MI acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 24,911 shares of the financial services provider's stock, valued at approximately $1,157,000.

Several other hedge funds have also recently bought and sold shares of FITB. Harbor Investment Advisory LLC grew its position in Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 517 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. Reflection Asset Management acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. Finally, EFG International AG purchased a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.2%

Fifth Third Bancorp stock opened at $57.99 on Wednesday. The company has a market capitalization of $52.56 billion, a P/E ratio of 19.46, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $58.52. The stock has a 50-day simple moving average of $51.86 and a 200-day simple moving average of $50.10.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.63 by $0.20. The company had revenue of $2.83 billion for the quarter, compared to analyst estimates 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 in the previous year, the company posted $0.71 earnings per share. Equities research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FITB. Royal Bank Of Canada reiterated an "outperform" rating and set a $57.00 target price on shares of Fifth Third Bancorp in a report on Monday, May 4th. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Zacks Research lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Piper Sandler reissued an "overweight" rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Finally, Truist Financial upped 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, June 24th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and a consensus price target of $59.11.

Insiders Place Their Bets

In related news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction on Monday, April 20th. The shares were 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 $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm's 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 transaction, the executive vice president directly owned 189,382 shares in the company, 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. 0.51% of the stock is owned by corporate insiders.

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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