SG Americas Securities LLC Acquires 1,027,026 Shares of Fifth Third Bancorp $FITB

SG Americas Securities LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 411.4% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,276,644 shares of the financial services provider’s stock after buying an additional 1,027,026 shares during the period. SG Americas Securities LLC’s holdings in Fifth Third Bancorp were worth $59,313,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. CWC Advisors LLC. acquired a new position in Fifth Third Bancorp in the 1st quarter valued at $580,000. Triad Wealth Partners LLC grew its position in Fifth Third Bancorp by 21.3% in the 1st quarter. Triad Wealth Partners LLC now owns 5,365 shares of the financial services provider’s stock worth $249,000 after purchasing an additional 942 shares during the last quarter. Quotient Wealth Partners LLC bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth about $215,000. E. Ohman J or Asset Management AB increased its stake in Fifth Third Bancorp by 30.2% during the first quarter. E. Ohman J or Asset Management AB now owns 30,123 shares of the financial services provider’s stock valued at $1,400,000 after acquiring an additional 6,990 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of Fifth Third Bancorp by 137.8% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 119,090 shares of the financial services provider’s stock valued at $5,533,000 after purchasing an additional 69,020 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 1.7%

Shares of NASDAQ FITB opened at $53.61 on Tuesday. Fifth Third Bancorp has a 52-week low of $39.09 and a 52-week high of $55.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The business has a fifty day moving average of $50.42 and a two-hundred day moving average of $49.33. The stock has a market cap of $48.59 billion, a PE ratio of 17.99, a PEG ratio of 1.09 and a beta of 0.92.

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

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given 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 3.0%. Fifth Third Bancorp’s payout ratio is 53.69%.

Insider Activity

In other news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp 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 completion of the transaction, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 76,299 shares in the company, valued at $3,873,700.23. The trade was 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 currently owned by corporate insiders.

Analyst Ratings Changes

FITB has been the subject of a number of analyst reports. Evercore raised their price objective on shares of Fifth Third Bancorp from $51.00 to $53.00 in a report on Tuesday, April 21st. The Goldman Sachs Group upped 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 note on Wednesday, April 22nd. Wolfe Research dropped their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Piper Sandler restated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Finally, Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $57.34.

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.