Pzena Investment Management LLC Acquires 697,995 Shares of Fifth Third Bancorp $FITB

Key Points

• Pzena Investment Management increased its Fifth Third Bancorp stake by 74.4% in the first quarter, buying 697,995 additional shares and bringing its total to 1,635,817 shares worth about $76 million.
• Fifth Third Bancorp reported Q1 earnings of $0.83 per share, beating analyst estimates, though revenue of $2.83 billion came in slightly below expectations. Analysts still expect the bank to earn about 4.1 EPS for the full year.
• The company recently declared a quarterly dividend of $0.40 per share, or $1.60 annually, implying a 2.8% yield. Meanwhile, the stock has risen to around $57.65, near its 12-month high.

Pzena Investment Management LLC raised its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 74.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,635,817 shares of the financial services provider's stock after acquiring an additional 697,995 shares during the quarter. Pzena Investment Management LLC owned approximately 0.18% of Fifth Third Bancorp worth $76,000,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new position in Fifth Third Bancorp in the 4th quarter worth about $649,264,000. Price T Rowe Associates Inc. MD raised its stake in shares of Fifth Third Bancorp by 41.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock valued at $1,664,013,000 after acquiring an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Fifth Third Bancorp by 719.2% in the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock valued at $140,993,000 after purchasing an additional 2,644,332 shares during the period. Invesco Ltd. boosted its holdings in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock valued at $1,114,046,000 after purchasing an additional 2,574,712 shares during the period. Finally, Bank of America Corp DE grew its stake in Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock worth $714,457,000 after purchasing an additional 2,293,939 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Up 2.3%

Shares of NASDAQ FITB opened at $57.65 on Thursday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $58.15. The stock's fifty day simple moving average is $51.30 and its two-hundred day simple moving average is $49.83. The stock has a market capitalization of $52.25 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

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 EPS for the quarter, topping the consensus estimate of $0.63 by $0.20. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period in the previous year, the company posted $0.71 EPS. As a group, analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a $0.40 dividend. 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 payout ratio is currently 53.69%.

Insider Activity

In other Fifth Third Bancorp 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 completion of the sale, the executive vice president directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm's stock in a transaction dated 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 in the company, valued at $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. DA Davidson reaffirmed a "buy" rating and set a $58.00 target price on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Barclays increased their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. The Goldman Sachs Group raised their price target 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. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. Finally, Robert W. Baird increased their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $57.94.

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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