Allstate Corp Purchases 24,771 Shares of Fifth Third Bancorp $FITB

Allstate Corp lifted its position in Fifth Third Bancorp (NASDAQ:FITB) by 103.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,621 shares of the financial services provider’s stock after buying an additional 24,771 shares during the quarter. Allstate Corp’s holdings in Fifth Third Bancorp were worth $2,276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Fifth Third Bancorp by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after acquiring an additional 637,207 shares during the period. Capital World Investors grew its position in shares of Fifth Third Bancorp by 6.2% in the 3rd quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock valued at $1,373,490,000 after acquiring an additional 1,803,861 shares during the period. Invesco Ltd. grew its position in shares of Fifth Third Bancorp by 2.6% in the 3rd quarter. Invesco Ltd. now owns 21,224,600 shares of the financial services provider’s stock valued at $945,556,000 after acquiring an additional 546,914 shares during the period. Bank of America Corp DE grew its position in shares of Fifth Third Bancorp by 16.7% in the 3rd 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 acquiring an additional 2,293,939 shares during the period. Finally, Franklin Resources Inc. grew its position in shares of Fifth Third Bancorp by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider’s stock valued at $353,354,000 after acquiring an additional 690,648 shares during the period. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wolfe Research reduced their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. Evercore lifted their target price on Fifth Third Bancorp from $51.00 to $53.00 in a research note on Tuesday, April 21st. Barclays lifted their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Zacks Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Finally, Piper Sandler reiterated an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.19.

Fifth Third Bancorp Stock Performance

FITB opened at $49.88 on Friday. The business has a fifty day simple moving average of $48.41 and a 200 day simple moving average of $48.19. The company has a market capitalization of $45.21 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.02 and a beta of 0.94. Fifth Third Bancorp has a 1 year low of $37.28 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 released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.87. The business had revenue of $2.83 billion during 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 company posted $0.71 EPS. Research analysts expect that Fifth Third Bancorp will post 4.1 EPS 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 of this dividend was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, 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 value of $304,620.00. Following the completion of the sale, the executive vice president 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. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 transaction 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 $9,556,215.72. This represents a 9.55% 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.

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.