Vest Financial LLC Makes New $1.66 Million Investment in Fifth Third Bancorp $FITB

Key Points

• Vest Financial LLC bought a new position of 35,518 shares of Fifth Third Bancorp (NASDAQ:FITB) in Q4, valued at about $1.66 million.
• Fifth Third reported quarterly EPS of $0.83, beating estimates by $0.87 while revenue was slightly below forecasts, and it pays a $0.40 quarterly dividend (annualized yield ~3.2%).
• Institutions own about 83.79% of FITB, with major managers (Vanguard, Capital World, Invesco, BofA) increasing stakes, and analysts hold a consensus "Moderate Buy" rating with a $57.19 price target.

Vest Financial LLC purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 35,518 shares of the financial services provider's stock, valued at approximately $1,663,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider's stock valued at $3,929,647,000 after acquiring an additional 637,207 shares during the last quarter. Capital World Investors raised its stake in Fifth Third Bancorp by 6.2% during the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider's stock valued at $1,373,490,000 after acquiring an additional 1,803,861 shares during the last quarter. Invesco Ltd. raised its stake in Fifth Third Bancorp by 2.6% during the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider's stock valued at $945,556,000 after acquiring an additional 546,914 shares during the last quarter. Bank of America Corp DE raised its stake in Fifth Third Bancorp by 16.7% during the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider's stock valued at $714,457,000 after acquiring an additional 2,293,939 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in Fifth Third Bancorp by 9.5% during the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider's stock valued at $353,354,000 after acquiring an additional 690,648 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $50.76 on Friday. Fifth Third Bancorp has a one year low of $35.55 and a one year high of $55.44. The stock has a market cap of $45.97 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 1.04 and a beta of 0.95. The business's fifty day moving average price is $48.11 and its two-hundred day moving average price is $47.25. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.87. The company had revenue of $2.86 billion for 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 quarter in the prior year, the company posted $0.71 EPS. On average, analysts forecast that Fifth Third Bancorp will post 4 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is 53.69%.

Wall Street Analysts Forecast Growth

FITB has been the subject of several analyst reports. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $53.00 to $55.00 and gave the company a "market perform" rating in a research note on Wednesday, January 21st. JPMorgan Chase & Co. upped their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the company an "overweight" rating in a research note on Thursday. Evercore upped their price objective on Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. Morgan Stanley lowered their price target on Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Finally, Robert W. Baird upped their price target on Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $57.19.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares of the company's stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction 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 completion of the transaction, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.51% of the company's stock.

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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