DB&C Advisors LLC Takes Position in Fifth Third Bancorp $FITB

DB&C Advisors LLC acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 10,465 shares of the financial services provider’s stock, valued at approximately $490,000.

A number of other hedge funds also recently made changes to their positions in FITB. Norges Bank purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $649,264,000. Bank of America Corp DE raised its stake in shares of Fifth Third Bancorp by 16.7% during the third 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 purchasing an additional 2,293,939 shares during the period. Westfield Capital Management Co. LP raised its stake in shares of Fifth Third Bancorp by 131.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 3,746,926 shares of the financial services provider’s stock valued at $175,394,000 after purchasing an additional 2,126,978 shares during the period. Alecta Tjanstepension Omsesidigt raised its stake in shares of Fifth Third Bancorp by 130.6% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock valued at $157,541,000 after purchasing an additional 1,907,400 shares during the period. Finally, Capital World Investors raised its stake in shares of Fifth Third Bancorp by 6.2% during the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after purchasing an additional 1,803,861 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.4%

Shares of NASDAQ:FITB opened at $52.01 on Friday. 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 company has a fifty day simple moving average of $49.08 and a 200 day simple moving average of $48.47. The firm has a market cap of $47.14 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92. Fifth Third Bancorp has a 12-month low of $37.86 and a 12-month high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. The business 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 quarter in the previous year, the firm earned $0.71 earnings per share. On average, equities research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 annualized dividend and a yield of 3.1%. Fifth Third Bancorp’s payout ratio is presently 53.69%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.51% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Wolfe Research dropped their price objective on shares of 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. Barclays lifted their price objective on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. The Goldman Sachs Group lifted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Morgan Stanley dropped their price target on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Finally, Jefferies Financial Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.19.

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.