iA Global Asset Management Inc. Acquires 48,829 Shares of Fifth Third Bancorp $FITB

Key Points

• iA Global Asset Management sharply boosted its stake in Fifth Third Bancorp by 2,463.6% in the fourth quarter, adding 48,829 shares for a total of 50,811 shares valued at about $2.38 million.
• Fifth Third Bancorp reported strong quarterly earnings of $0.83 per share, easily topping analyst estimates, though revenue of $2.83 billion came in slightly below expectations.
• The bank continues to draw institutional and analyst support, with 83.79% of shares held by institutions and a consensus rating of Moderate Buy; it also pays a quarterly dividend of $0.40, or $1.60 annually, for a 3.3% yield.

iA Global Asset Management Inc. increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 2,463.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,811 shares of the financial services provider's stock after acquiring an additional 48,829 shares during the period. iA Global Asset Management Inc.'s holdings in Fifth Third Bancorp were worth $2,378,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Koshinski Asset Management Inc. grew its position 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 worth $322,000 after acquiring an additional 206 shares during the last quarter. Keybank National Association OH grew its position 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 worth $3,015,000 after acquiring an additional 214 shares during the last quarter. Austin Private Wealth LLC grew its position in Fifth Third Bancorp by 2.7% during the 4th quarter. Austin Private Wealth LLC now owns 8,686 shares of the financial services provider's stock worth $407,000 after acquiring an additional 228 shares during the last quarter. Wealthquest Corp lifted its holdings in Fifth Third Bancorp by 2.3% during the 3rd quarter. Wealthquest Corp now owns 11,068 shares of the financial services provider's stock worth $493,000 after buying an additional 244 shares in the last quarter. Finally, Capital Investment Advisory Services LLC lifted its holdings in Fifth Third Bancorp by 1.1% during the 3rd quarter. Capital Investment Advisory Services LLC now owns 22,686 shares of the financial services provider's stock worth $1,011,000 after buying an additional 251 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Up 1.2%

NASDAQ:FITB opened at $47.94 on Tuesday. The stock's fifty day moving average price is $47.76 and its two-hundred day moving average price is $47.79. Fifth Third Bancorp has a 52-week low of $36.64 and a 52-week high of $55.44. 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 company has a market cap of $43.45 billion, a price-to-earnings ratio of 16.09, a P/E/G ratio of 0.97 and a beta of 0.94.

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 for the quarter, beating analysts' consensus estimates of ($0.04) by $0.87. The company had revenue of $2.83 billion for 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 quarter in the prior year, the business posted $0.71 EPS. On average, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared 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 3.3%. Fifth Third Bancorp's dividend payout ratio is 53.69%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings downgraded Fifth Third Bancorp from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. Truist Financial set a $57.00 price objective on Fifth Third Bancorp in a report on Tuesday, April 21st. The Goldman Sachs Group upped their price objective on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 22nd. JPMorgan Chase & Co. upped their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Finally, Evercore upped their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a report on Tuesday, April 21st. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $57.19.

Insiders Place Their Bets

In other news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction 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 owned 189,382 shares of the company's stock, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 value of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. 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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