Pacer Advisors Inc. Sells 18,343 Shares of Fifth Third Bancorp $FITB

Key Points

• Pacer Advisors reduced its Fifth Third Bancorp stake by 28.9% in the first quarter, selling 18,343 shares and retaining 45,123 shares valued at approximately $2.1 million. Institutional investors collectively own 83.79% of FITB.
• Analysts remain broadly positive, with recent price-target increases from UBS, Truist, Bank of America and Morgan Stanley. The stock carries a consensus “Moderate Buy” rating and an average price target of $60.54.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though EPS of $0.83 narrowly missed estimates. The bank also declared a quarterly dividend of $0.40, equivalent to a 2.8% annualized yield.

Pacer Advisors Inc. cut its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 28.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,123 shares of the financial services provider's stock after selling 18,343 shares during the quarter. Pacer Advisors Inc.'s holdings in Fifth Third Bancorp were worth $2,096,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Cullen Frost Bankers Inc. lifted its position in shares of Fifth Third Bancorp by 4.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider's stock worth $199,000 after purchasing an additional 187 shares during the last quarter. Equitable Holdings Inc. grew its holdings in shares of Fifth Third Bancorp by 4.1% in the fourth quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock worth $232,000 after purchasing an additional 195 shares during the last quarter. Koshinski Asset Management Inc. increased its stake in Fifth Third Bancorp by 3.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock worth $322,000 after buying an additional 206 shares during the period. Legacy Wealth Managment LLC ID increased its stake in Fifth Third Bancorp by 19.2% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock worth $61,000 after buying an additional 212 shares during the period. Finally, Keybank National Association OH lifted its holdings in Fifth Third Bancorp by 0.3% during the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider's stock valued at $3,015,000 after buying an additional 214 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on FITB shares. UBS Group upped their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Bank of America boosted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. Morgan Stanley increased their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, June 29th. Finally, Argus raised Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $57.01 on Friday. 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 company has a 50 day moving average price of $55.55 and a 200-day moving average price of $51.53. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The stock has a market capitalization of $51.67 billion, a PE ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business's quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 earnings per share. Equities analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 54.61%.

About Fifth Third Bancorp

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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