Kestra Advisory Services LLC Raises Holdings in Fifth Third Bancorp $FITB

Key Points

• Kestra Advisory Services LLC increased its stake in Fifth Third Bancorp by 56.7% in the first quarter, bringing its holdings to 197,769 shares valued at about $9.19 million.
• Several other institutional investors also adjusted positions, and overall institutional ownership stands at 83.79% of the company’s stock.
• Fifth Third Bancorp reported strong quarterly earnings of $0.83 per share, beating estimates, and it also declared a quarterly dividend of $0.40 per share.

Kestra Advisory Services LLC boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 56.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 197,769 shares of the financial services provider's stock after purchasing an additional 71,589 shares during the quarter. Kestra Advisory Services LLC's holdings in Fifth Third Bancorp were worth $9,188,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Harbor Investment Advisory LLC lifted 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 worth $29,000 after buying an additional 517 shares in the last quarter. Monetary Solutions Ltd purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at about $29,000. Leonteq Securities AG acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $30,000. Reflection Asset Management acquired a new stake in Fifth Third Bancorp in the 4th quarter valued at about $30,000. Finally, EFG International AG purchased a new position in Fifth Third Bancorp in the 4th quarter worth approximately $33,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Insider Activity at Fifth Third Bancorp

In other news, 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 transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares of the company's stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $57.19 on Tuesday. The firm has a market cap of $51.83 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. 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 52 week low of $40.04 and a 52 week high of $58.51. The business's fifty day simple moving average is $52.37 and its 200-day simple moving average is $50.35.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period last year, the company earned $0.71 EPS. Equities analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp's payout ratio is 53.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on FITB shares. Evercore set a $60.00 price target on Fifth Third Bancorp in a research report on Monday, July 6th. Wall Street Zen raised Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. Morgan Stanley upped their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Finally, Jefferies Financial Group lifted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $59.11.

Fifth Third Bancorp 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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