McMillan Office Inc. Buys Shares of 166,147 Fifth Third Bancorp $FITB

Key Points

• McMillan Office Inc. opened a new position in Fifth Third Bancorp during the first quarter, buying 166,147 shares valued at about $7.7 million. The stake now makes up roughly 1.0% of its portfolio.
• Fifth Third Bancorp reported better-than-expected earnings for the quarter, posting $0.83 per share versus the $0.63 estimate. The company also raised investor interest with a quarterly dividend of $0.40 per share, or $1.60 annually, for a 2.8% yield.
• Analysts remain generally positive on FITB, with 16 Buy ratings and a consensus Moderate Buy rating. The average price target sits at $57.94, slightly above the recent share price.

McMillan Office Inc. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 166,147 shares of the financial services provider's stock, valued at approximately $7,719,000. Fifth Third Bancorp accounts for approximately 1.0% of McMillan Office Inc.'s investment portfolio, making the stock its 21st largest holding.

Other large investors also recently modified their holdings of the company. Harbor Investment Advisory LLC raised its stake in Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider's stock worth $29,000 after acquiring an additional 517 shares during the period. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Leonteq Securities AG acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. Reflection Asset Management bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $30,000. Finally, EFG International AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $33,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $56.89 on Tuesday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $56.94. The firm has a market capitalization of $51.56 billion, a price-to-earnings ratio of 19.09, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The business has a 50 day simple moving average of $51.04 and a 200 day simple moving average of $49.70. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating the consensus estimate 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 quarter in the previous year, the business earned $0.71 EPS. On average, equities research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date of this dividend 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 presently 53.69%.

Analysts Set New Price Targets

Several brokerages recently issued reports on FITB. Evercore raised their price target on Fifth Third Bancorp from $53.00 to $58.00 in a report on Wednesday, June 24th. Zacks Research downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. The Goldman Sachs Group raised their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, April 22nd. Royal Bank Of Canada reissued an "outperform" rating and set a $57.00 price target on shares of Fifth Third Bancorp in a report on Monday, May 4th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and an average price target of $57.94.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated 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 owned 76,299 shares in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company's stock.

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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