AlphaQuest LLC Purchases 43,734 Shares of Fifth Third Bancorp $FITB

AlphaQuest LLC boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 116.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 81,412 shares of the financial services provider’s stock after purchasing an additional 43,734 shares during the period. AlphaQuest LLC’s holdings in Fifth Third Bancorp were worth $3,811,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Westside Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 292 shares during the last quarter. Harbor Investment Advisory LLC boosted its stake in shares of Fifth Third Bancorp by 501.9% in the 4th quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 517 shares in the last quarter. United Community Bank grew its holdings in shares of Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 581 shares during the last quarter. Leonteq Securities AG purchased a new position in Fifth Third Bancorp in the 4th quarter worth $30,000. Finally, Quest 10 Wealth Builders Inc. raised its position in Fifth Third Bancorp by 619.6% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 632 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

FITB stock opened at $49.48 on Tuesday. The stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 16.60, a PEG ratio of 1.01 and a beta of 0.94. The firm’s 50-day moving average price is $48.06 and its two-hundred day moving average price is $48.04. 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 has a 12-month low of $36.64 and a 12-month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last posted its 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 $2.83 billion during the quarter, compared to analyst estimates 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 period in the prior year, the business posted $0.71 earnings per share. As a group, equities analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

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

Insider Buying and Selling

In other news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred 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 sale, the executive vice president directly owned 189,382 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following 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 disclosure for this sale is available in the SEC filing. 0.51% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on FITB shares. TD Cowen restated a “buy” rating and set a $60.00 price target on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Barclays lifted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. UBS Group reissued a “buy” rating and issued a $59.00 target price on shares of Fifth Third Bancorp in a research note on Wednesday, February 4th. Wolfe Research reduced their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. Finally, The Goldman Sachs Group lifted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $57.19.

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.