Fifth Third Bancorp $FITB Shares Bought by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 71.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 104,436 shares of the financial services provider’s stock after acquiring an additional 43,458 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Fifth Third Bancorp were worth $4,889,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. AE Wealth Management LLC increased its holdings in Fifth Third Bancorp by 4.7% during the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after purchasing an additional 15,627 shares during the period. Bahl & Gaynor Inc. increased its holdings in Fifth Third Bancorp by 18.0% during the 3rd quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock worth $7,189,000 after purchasing an additional 24,566 shares during the period. Envestnet Asset Management Inc. increased its holdings in Fifth Third Bancorp by 2.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after purchasing an additional 48,080 shares during the period. Nordea Investment Management AB increased its holdings in Fifth Third Bancorp by 3.2% during the 4th quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock worth $59,788,000 after purchasing an additional 39,261 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings in Fifth Third Bancorp by 26.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock worth $72,169,000 after purchasing an additional 340,030 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FITB. JPMorgan Chase & Co. upped their price target on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Royal Bank Of Canada restated an “outperform” rating and set a $57.00 price target on shares of Fifth Third Bancorp in a report on Monday, May 4th. Weiss Ratings downgraded Fifth Third Bancorp from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Barclays increased their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Finally, Truist Financial set a $57.00 price objective on Fifth Third Bancorp in a report on Tuesday, April 21st. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.19.

Fifth Third Bancorp Trading Up 0.7%

FITB opened at $49.48 on Friday. Fifth Third Bancorp has a one year low of $36.64 and a one year high of $55.44. The company has a market cap of $44.84 billion, a P/E ratio of 16.60, a PEG ratio of 1.01 and a beta of 0.94. 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 business’s 50-day simple moving average is $47.94 and its 200-day simple moving average is $47.94.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.87. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the prior year, the business posted $0.71 EPS. As a group, equities research 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 declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

Insider Buying and Selling

In related news, EVP Peter L. Sefzik sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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 stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.51% of the company’s stock.

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.