Fifth Third Bancorp $FITB Shares Acquired by Legacy Capital Group California Inc.

Legacy Capital Group California Inc. increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 115.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,890 shares of the financial services provider’s stock after acquiring an additional 10,651 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Fifth Third Bancorp were worth $924,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Robinhood Asset Management LLC purchased a new position in Fifth Third Bancorp during the fourth quarter worth about $8,529,000. Nordea Investment Management AB raised its holdings in shares of Fifth Third Bancorp by 3.2% in the 4th quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock valued at $59,788,000 after buying an additional 39,261 shares during the period. Keybank National Association OH lifted its stake in Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock worth $3,985,000 after acquiring an additional 21,365 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after purchasing an additional 96,656 shares in the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth $1,514,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred 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 sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $57.19 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock’s 50 day moving average is $52.37 and its two-hundred day moving average is $50.35. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $58.51. The firm has a market capitalization of $51.83 billion, a PE ratio of 19.19, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate 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 business earned $0.71 earnings per share. Research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 53.69%.

Analysts Set New Price Targets

FITB has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Piper Sandler restated an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Jefferies Financial Group lifted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. JPMorgan Chase & Co. upped their target price on Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Wolfe Research dropped their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 1st. 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

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.