Fifth Third Bancorp $FITB Shares Bought by Westpac Banking Corp

Westpac Banking Corp raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 3,114.9% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 92,846 shares of the financial services provider’s stock after acquiring an additional 89,958 shares during the quarter. Westpac Banking Corp’s holdings in Fifth Third Bancorp were worth $4,314,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Cullen Frost Bankers Inc. increased its position in shares of Fifth Third Bancorp by 4.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock worth $199,000 after acquiring an additional 187 shares during the period. Equitable Holdings Inc. boosted its holdings in Fifth Third Bancorp by 4.1% in the fourth quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 195 shares during the period. Koshinski Asset Management Inc. grew 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 worth $322,000 after purchasing an additional 206 shares in the last quarter. Legacy Wealth Managment LLC ID grew its stake in Fifth Third Bancorp by 19.2% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 212 shares in the last quarter. Finally, Keybank National Association OH increased its holdings in Fifth Third Bancorp by 0.3% during the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after purchasing an additional 214 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp News Summary

Here are the key news stories impacting Fifth Third Bancorp this week:

• Positive Sentiment: RBC Capital upgraded Fifth Third Bancorp (FITB) to Buy and raised its price target, reinforcing the post-earnings bullish tone around the stock. Fifth Third Bancorp (FITB) Gets a Buy from RBC Capital
• Positive Sentiment: D.A. Davidson also reiterated a Buy rating and lifted its target to $65, adding to expectations that the stock still has room to run. Fifth Third Bancorp (FITB) Receives a Buy from D.A. Davidson
• Positive Sentiment: Bank of America, RBC, and Keefe Bruyette all raised price targets after Fifth Third reported stronger-than-expected second-quarter results, with EPS of $1.02 topping estimates of $0.95.
• Positive Sentiment: Additional commentary highlighted Fifth Third as a potential dividend and growth story, which may support investor interest in the stock. Why Fifth Third Bancorp (FITB) is a Great Dividend Stock Right Now
• Neutral Sentiment: Industry coverage on banks using fintech and embedded finance for deposits suggests a broader strategic trend, but it does not directly change Fifth Third’s near-term outlook. Banks Tap FinTechs and Embedded Finance for Deposits
• Neutral Sentiment: One Seeking Alpha piece argued that Comerica could be a growth catalyst for Fifth Third, but this is more of a thesis than a confirmed corporate development. Fifth Third Bancorp: Comerica Is Now A Growth Catalyst

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.51% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Up 0.4%

Fifth Third Bancorp stock opened at $57.62 on Wednesday. The stock has a market cap of $52.22 billion, a PE ratio of 19.34, 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. The stock’s fifty day moving average is $53.37 and its two-hundred day moving average is $50.78. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company posted $0.88 earnings per share. On average, sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

FITB has been the topic of a number of analyst reports. Wolfe Research reduced their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. Bank of America boosted 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. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Evercore set a $60.00 price target on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Finally, Royal Bank Of Canada boosted their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday. Seventeen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.20.

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.