Fifth Third Bancorp $FITB Stake Trimmed by Forum Financial Management LP

Forum Financial Management LP lessened its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 44.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 12,365 shares of the financial services provider’s stock after selling 9,905 shares during the quarter. Forum Financial Management LP’s holdings in Fifth Third Bancorp were worth $574,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Cullen Frost Bankers Inc. lifted its position in shares of Fifth Third Bancorp by 4.6% in the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock valued at $199,000 after acquiring an additional 187 shares in the last quarter. Equitable Holdings Inc. grew its position in Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock worth $232,000 after purchasing an additional 195 shares in the last quarter. Koshinski Asset Management Inc. raised its stake in Fifth Third Bancorp by 3.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock valued at $322,000 after purchasing an additional 206 shares during the period. Keybank National Association OH lifted its holdings in shares of Fifth Third Bancorp by 0.3% in the fourth quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock valued at $3,015,000 after purchasing an additional 214 shares in the last quarter. Finally, CreativeOne Wealth LLC lifted its holdings in shares of Fifth Third Bancorp by 1.9% in the fourth quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider’s stock valued at $545,000 after purchasing an additional 216 shares in the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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 stock was 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $56.46 on Wednesday. The firm has a market cap of $51.17 billion, a PE ratio of 18.95, a PEG ratio of 1.09 and a beta of 0.92. The firm’s 50 day moving average price is $51.17 and its 200 day moving average price is $49.77. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $56.94.

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

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FITB. Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. JPMorgan Chase & Co. raised their price objective on Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. The Goldman Sachs Group lifted their target price 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. Finally, Jefferies Financial Group upped their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Sixteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $57.94.

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.