Keybank National Association OH Raises Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Keybank National Association OH increased its stake in Fifth Third Bancorp by 33.2% in the first quarter, adding 21,365 shares to bring its total to 85,781 shares worth about $3.99 million.
• Analysts remain mostly positive on FITB, with several raising price targets and the stock holding a consensus rating of Moderate Buy and a target price of $57.94.
• Fifth Third Bancorp reported strong quarterly earnings of $0.83 per share, beating estimates, and also announced a quarterly dividend of $0.40 per share, or $1.60 annualized, for a 2.8% yield.

Keybank National Association OH boosted its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 33.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,781 shares of the financial services provider's stock after purchasing an additional 21,365 shares during the quarter. Keybank National Association OH's holdings in Fifth Third Bancorp were worth $3,985,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Robinhood Asset Management LLC purchased a new position in Fifth Third Bancorp during the 4th quarter valued at about $8,529,000. Nordea Investment Management AB increased its stake in shares of Fifth Third Bancorp by 3.2% during the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider's stock valued at $59,788,000 after purchasing an additional 39,261 shares in the last quarter. Barclays PLC increased its stake in shares of Fifth Third Bancorp by 27.0% during the third quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider's stock valued at $175,850,000 after purchasing an additional 840,094 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Fifth Third Bancorp by 9.5% during the third quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider's stock valued at $353,354,000 after purchasing an additional 690,648 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on FITB shares. JPMorgan Chase & Co. upped their price target on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Jefferies Financial Group boosted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. Truist Financial increased their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. DA Davidson restated a "buy" rating and set a $58.00 price target on shares of Fifth Third Bancorp in a report on Monday, April 20th. Finally, Zacks Research cut shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.94.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the firm's stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president owned 76,299 shares of the company's stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the business's 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 transaction, the executive vice president directly owned 189,382 shares of the company's stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.51% of the company's stock.

Fifth Third Bancorp Stock Down 0.0%

Fifth Third Bancorp stock opened at $57.15 on Friday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $58.15. The stock has a fifty day simple moving average of $51.55 and a two-hundred day simple moving average of $49.95. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $51.80 billion, a price-to-earnings ratio of 19.18, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the prior year, the company posted $0.71 earnings per share. Equities analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. 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 currently 53.69%.

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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.