LFG Wealth Partners LLC Acquires New Stake in Fifth Third Bancorp $FITB

Key Points

• LFG Wealth Partners opened a new position in Fifth Third Bancorp, buying 24,541 shares valued at about $1.15 million in the fourth quarter. Other institutional investors also increased their stakes, and institutions now own 83.79% of the stock.
• Fifth Third Bancorp shares were down 3.1% in Tuesday trading, with the stock opening at $53.02. The company has a market cap of about $48.05 billion and is trading near its 52-week high of $55.44.
• The bank beat earnings expectations in its latest quarter, reporting $0.83 EPS versus the expected $0.63, while revenue came in slightly below estimates. It also announced a $0.40 quarterly dividend, implying a 3.0% annual yield, and analysts currently rate the stock a Moderate Buy.

LFG Wealth Partners LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 24,541 shares of the financial services provider's stock, valued at approximately $1,149,000.

Several other hedge funds have also recently made changes to their positions in FITB. Silvant Capital Management LLC lifted its stake in Fifth Third Bancorp by 1.6% in the fourth quarter. Silvant Capital Management LLC now owns 111,822 shares of the financial services provider's stock valued at $5,234,000 after buying an additional 1,795 shares during the period. USS Investment Management Ltd lifted its position in Fifth Third Bancorp by 0.8% in the 4th quarter. USS Investment Management Ltd now owns 96,790 shares of the financial services provider's stock valued at $4,529,000 after acquiring an additional 748 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its stake in Fifth Third Bancorp by 4.6% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 119,170 shares of the financial services provider's stock valued at $5,578,000 after purchasing an additional 5,220 shares during the last quarter. Venture Visionary Partners LLC boosted its stake in Fifth Third Bancorp by 11.2% during the 4th quarter. Venture Visionary Partners LLC now owns 108,914 shares of the financial services provider's stock valued at $5,108,000 after purchasing an additional 11,012 shares during the last quarter. Finally, Panagora Asset Management Inc. increased its holdings in Fifth Third Bancorp by 166.7% during the 4th quarter. Panagora Asset Management Inc. now owns 152,611 shares of the financial services provider's stock worth $7,144,000 after purchasing an additional 95,390 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Down 3.1%

Shares of FITB stock opened at $53.02 on Tuesday. The firm has a market cap of $48.05 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The business has a 50-day moving average price of $49.95 and a two-hundred day moving average price of $48.99. 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 12-month low of $37.88 and a 12-month high of $55.44.

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 EPS for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same period last year, the firm posted $0.71 earnings per share. Equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders 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 3.0%. Fifth Third Bancorp's payout ratio is presently 53.69%.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction that occurred on Monday, April 20th. The stock was 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 of the company's stock, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 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 completion of the transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $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. Insiders own 0.51% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wolfe Research lowered their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating for the company in a research report on Wednesday, April 1st. Piper Sandler reissued an "overweight" rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Evercore increased their price target on Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. Morgan Stanley lowered their price objective on Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 31st. Finally, JPMorgan Chase & Co. increased their target price on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $57.34.

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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