Alpha Family Trust Purchases New Shares in Fifth Third Bancorp $FITB

Alpha Family Trust acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,855 shares of the financial services provider’s stock, valued at approximately $411,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth approximately $25,000. SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Harbor Investment Advisory LLC increased its holdings in shares of Fifth Third Bancorp by 501.9% in the fourth 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. Monetary Solutions Ltd bought a new position in Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Finally, Leonteq Securities AG bought a new position in Fifth Third Bancorp in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.51% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $57.77 on Thursday. The firm’s 50 day simple moving average is $53.58 and its 200 day simple moving average is $50.85. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The company has a market capitalization of $52.36 billion, a price-to-earnings ratio of 19.39, a P/E/G ratio of 1.09 and a beta of 0.90. 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 issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the firm posted $0.88 EPS. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s payout ratio is 54.61%.

Analysts Set New Price Targets

FITB has been the topic of a number of recent research reports. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. The Goldman Sachs Group upped their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Bank of America lifted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Wolfe Research reduced 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. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $60.20.

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.