Titan Investment Management LLC Acquires Shares of 58,397 Fifth Third Bancorp $FITB

Key Points

• Titan Investment Management opened a new position in Fifth Third Bancorp, buying 58,397 shares worth about $2.73 million. The stake represents roughly 2.5% of Titan’s portfolio and is its 12th-largest holding.
• Insiders were selling shares: EVP Kevin J. Khanna sold 6,000 shares and EVP Peter L. Sefzik sold 20,000 shares in separate transactions. Corporate insiders now own just 0.51% of the company.
• Fifth Third Bancorp reported better-than-expected quarterly earnings of $0.83 per share versus the $0.63 estimate, and it declared a quarterly dividend of $0.40 per share. Analysts currently rate the stock a consensus Moderate Buy with an average price target of $57.34.

Titan Investment Management LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 58,397 shares of the financial services provider's stock, valued at approximately $2,734,000. Fifth Third Bancorp comprises about 2.5% of Titan Investment Management LLC's investment portfolio, making the stock its 12th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cullen Frost Bankers Inc. lifted its stake in Fifth Third Bancorp by 4.6% in the 4th 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 in the last quarter. Equitable Holdings Inc. grew its position 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 valued at $232,000 after purchasing an additional 195 shares in the last quarter. Koshinski Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 3.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock valued at $322,000 after purchasing an additional 206 shares in the last quarter. Keybank National Association OH increased its holdings in shares of Fifth Third Bancorp by 0.3% in the fourth quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider's stock valued at $3,015,000 after purchasing an additional 214 shares during the last quarter. Finally, CreativeOne Wealth LLC increased its holdings in shares of Fifth Third Bancorp by 1.9% in the fourth quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider's stock valued at $545,000 after purchasing an additional 216 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following 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 position. The transaction was disclosed in a legal 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 on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, 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 position. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on FITB. Evercore lifted their target price on Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Morgan Stanley reduced their price objective on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Piper Sandler reaffirmed an "overweight" rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Truist Financial set a $57.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, April 21st. Finally, Jefferies Financial Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, April 8th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $57.34.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $52.82 on Friday. Fifth Third Bancorp has a 12 month low of $38.91 and a 12 month high of $55.44. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $47.87 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The business's fifty day moving average price is $50.28 and its 200 day moving average price is $49.19.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same quarter in the previous year, the firm earned $0.71 EPS. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. Fifth Third Bancorp's payout ratio is 53.69%.

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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