Tobam Boosts Stake in Fifth Third Bancorp $FITB

Tobam grew its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1,583.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,581 shares of the financial services provider’s stock after buying an additional 15,596 shares during the quarter. Tobam’s holdings in Fifth Third Bancorp were worth $776,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FITB. Harbor Investment Advisory LLC increased its position in shares of Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new position in Fifth Third Bancorp in the fourth quarter worth $29,000. Leonteq Securities AG bought a new position in Fifth Third Bancorp in the 4th quarter valued at $30,000. EFG International AG bought a new position in Fifth Third Bancorp in the 4th quarter valued at $33,000. Finally, Quest 10 Wealth Builders Inc. increased its position in shares of Fifth Third Bancorp by 619.6% during the 4th quarter. Quest 10 Wealth Builders Inc. now owns 734 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 632 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the 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 sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 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 owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by insiders.

Fifth Third Bancorp Trading Up 0.1%

NASDAQ:FITB opened at $52.82 on Friday. The company has a market cap of $47.87 billion, a P/E ratio of 17.72, a P/E/G ratio of 1.09 and a beta of 0.92. The stock’s fifty day moving average price is $50.35 and its two-hundred day moving average price is $49.22. Fifth Third Bancorp has a 1 year low of $38.91 and a 1 year high of $55.44. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same period last year, the company earned $0.71 earnings per share. As a group, analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 3.0%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FITB. The Goldman Sachs Group boosted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Morgan Stanley decreased their price objective on shares of Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, March 31st. JPMorgan Chase & Co. lifted their price objective on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Robert W. Baird boosted their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, June 8th. Finally, Jefferies Financial Group increased their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.34.

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.