Eurizon Capital SGR S.p.A. Acquires New Stake in Fifth Third Bancorp $FITB

Eurizon Capital SGR S.p.A. acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, HoldingsChannel reports. The fund acquired 380,838 shares of the financial services provider’s stock, valued at approximately $17,830,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FITB. Empowered Funds LLC grew its position in Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock valued at $543,000 after buying an additional 916 shares during the last quarter. Woodline Partners LP grew its position in Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after buying an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock valued at $100,000 after buying an additional 759 shares during the last quarter. Brown Advisory Inc. grew its position in Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock valued at $422,000 after buying an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth $968,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction dated 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. The trade was a 9.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on FITB. TD Cowen restated a “buy” rating and set a $60.00 target price on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. The Goldman Sachs Group boosted their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Evercore boosted their target price on shares of Fifth Third Bancorp from $51.00 to $53.00 in a research report on Tuesday, April 21st. Piper Sandler restated an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Finally, Wolfe Research decreased their target price on shares of 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. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.19.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $49.93 on Monday. Fifth Third Bancorp has a 52 week low of $37.28 and a 52 week high of $55.44. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm’s 50-day simple moving average is $48.53 and its 200 day simple moving average is $48.24. The firm has a market capitalization of $45.25 billion, a PE ratio of 16.76, a P/E/G ratio of 1.02 and a beta of 0.92.

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, topping the consensus estimate of ($0.04) by $0.87. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same period in the previous year, the firm earned $0.71 EPS. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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