OLD Second National Bank of Aurora Raises Stake in Fifth Third Bancorp $FITB

Key Points

• OLD Second National Bank of Aurora increased its stake in Fifth Third Bancorp by 36.6% in the first quarter, ending with 81,906 shares valued at about $3.8 million.
• Institutional ownership in FITB remains high, with hedge funds and other institutional investors holding about 83.79% of the company’s stock.
• Analysts remain broadly positive on Fifth Third Bancorp, with an average rating of Moderate Buy and an average price target of $57.74, while the stock recently traded near its 52-week high at $56.47.

OLD Second National Bank of Aurora grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 36.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,906 shares of the financial services provider's stock after acquiring an additional 21,932 shares during the quarter. OLD Second National Bank of Aurora's holdings in Fifth Third Bancorp were worth $3,805,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC grew its holdings in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock valued at $543,000 after purchasing an additional 916 shares during the period. Woodline Partners LP raised its stake in Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock worth $2,218,000 after purchasing an additional 16,323 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 759 shares during the last quarter. Brown Advisory Inc. boosted its holdings in Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock valued at $422,000 after purchasing an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $968,000. Hedge funds and other institutional investors own 83.79% of the company's stock.

Wall Street Analyst Weigh In

FITB has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Barclays raised their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a research note on Monday, April 20th. Piper Sandler reaffirmed an "overweight" rating and issued a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Robert W. Baird raised their price objective on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Finally, Stephens began coverage on shares of Fifth Third Bancorp in a research report on Monday, June 15th. They issued an "equal weight" rating and a $58.00 target price on the stock. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $57.74.

Fifth Third Bancorp Trading Up 0.1%

FITB opened at $56.47 on Friday. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $56.77. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The business has a fifty day simple moving average of $50.90 and a 200-day simple moving average of $49.59. The firm has a market cap of $51.18 billion, a P/E ratio of 18.95, a P/E/G ratio of 1.09 and a beta of 0.92.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) 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 analysts expect 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 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 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp's dividend payout ratio is 53.69%.

Insider Activity

In other news, EVP Peter L. Sefzik sold 20,000 shares of the 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 sale, the executive vice president owned 189,382 shares of the company's stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm's 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 transaction, the executive vice president directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by corporate insiders.

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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