LSV Asset Management Has $47.44 Million Stock Position in Fifth Third Bancorp $FITB

Key Points

• LSV Asset Management cut its Fifth Third Bancorp stake by 35.5% in the fourth quarter, selling 558,600 shares and leaving it with 1,013,500 shares valued at about $47.44 million.
• Fifth Third Bancorp posted strong quarterly earnings, reporting $0.83 per share and easily beating analyst expectations, though revenue of $2.83 billion came in below estimates.
• The bank continues to pay a solid dividend and has Wall Street support, with a quarterly payout of $0.40 per share for a 3.2% yield and an average analyst rating of “Moderate Buy” with a $57.19 price target.

LSV Asset Management lowered its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 35.5% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 1,013,500 shares of the financial services provider's stock after selling 558,600 shares during the period. LSV Asset Management owned 0.15% of Fifth Third Bancorp worth $47,442,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AE Wealth Management LLC grew its holdings in Fifth Third Bancorp by 4.7% during the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider's stock worth $15,503,000 after purchasing an additional 15,627 shares during the period. Bahl & Gaynor Inc. grew its holdings in Fifth Third Bancorp by 18.0% during the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider's stock worth $7,189,000 after purchasing an additional 24,566 shares during the period. Envestnet Asset Management Inc. grew its holdings in Fifth Third Bancorp by 2.4% during the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider's stock worth $90,131,000 after purchasing an additional 48,080 shares during the period. Nordea Investment Management AB grew its holdings in 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 worth $59,788,000 after purchasing an additional 39,261 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider's stock worth $72,169,000 after purchasing an additional 340,030 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $49.48 on Monday. 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 $36.64 and a 12-month high of $55.44. The business has a 50 day moving average of $47.94 and a 200-day moving average of $47.99. The stock has a market cap of $44.84 billion, a PE ratio of 16.60, a P/E/G ratio of 1.01 and a beta of 0.94.

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 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same period in the previous year, the business earned $0.71 earnings per share. As a group, equities research analysts forecast 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 was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp's payout ratio is presently 53.69%.

Insider Buying and Selling

In other news, 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 value of $1,009,200.00. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred 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 of the company's stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by insiders.

Analyst Ratings Changes

FITB has been the subject of a number of research analyst reports. UBS Group reiterated a "buy" rating and set a $59.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, February 4th. The Goldman Sachs 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 22nd. Jefferies Financial Group boosted 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 8th. Morgan Stanley reduced their price objective on Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Finally, Wolfe Research reduced their price objective on Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 1st. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $57.19.

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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