OLD National Bancorp IN Purchases 48,307 Shares of Fifth Third Bancorp $FITB

Key Points

• OLD National Bancorp IN boosted its stake in Fifth Third Bancorp by 277.8% in the first quarter, buying 48,307 additional shares and bringing its total holdings to 65,697 shares valued at about $3.05 million.
• Fifth Third Bancorp reported better-than-expected earnings for the latest quarter, with EPS of $0.83 versus analyst estimates of $0.63, though revenue came in slightly below expectations.
• The bank announced a quarterly dividend of $0.40 per share, implying an annualized yield of 2.8%, while analysts maintain a consensus rating of “Moderate Buy” with a price target of $57.74.

OLD National Bancorp IN increased its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 277.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 65,697 shares of the financial services provider's stock after purchasing an additional 48,307 shares during the quarter. OLD National Bancorp IN's holdings in Fifth Third Bancorp were worth $3,052,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FITB. Meyer Handelman Co. bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth about $1,169,000. Louisiana State Employees Retirement System acquired a new position in Fifth Third Bancorp in the first quarter worth about $2,133,000. Silver Oak Securities Incorporated raised its position in Fifth Third Bancorp by 16.4% in the first quarter. Silver Oak Securities Incorporated now owns 7,049 shares of the financial services provider's stock worth $327,000 after purchasing an additional 993 shares in the last quarter. Fiduciary Alliance LLC bought a new position in Fifth Third Bancorp during the first quarter worth about $938,000. Finally, Kestra Private Wealth Services LLC boosted its holdings in Fifth Third Bancorp by 4.1% during the first quarter. Kestra Private Wealth Services LLC now owns 21,813 shares of the financial services provider's stock valued at $1,013,000 after purchasing an additional 859 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 0.1%

Shares of FITB opened at $56.47 on Friday. The firm has a market capitalization of $51.18 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 1.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business's fifty day moving average price is $50.90 and its two-hundred day moving average price is $49.59. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $56.77.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share 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 company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. On average, analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp's dividend payout ratio is presently 53.69%.

Insider Transactions at Fifth Third Bancorp

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FITB. Royal Bank Of Canada reiterated an "outperform" rating and issued a $57.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Zacks Research lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. DA Davidson reiterated a "buy" rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, April 20th. Wall Street Zen raised Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Finally, Piper Sandler restated an "overweight" rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Sixteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $57.74.

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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