OLD National Bancorp IN Has $3.05 Million Stock Holdings in Fifth Third Bancorp $FITB

OLD National Bancorp IN increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 277.8% during the 1st quarter, Holdings Channel reports. The fund owned 65,697 shares of the financial services provider’s stock after buying an additional 48,307 shares during the quarter. OLD National Bancorp IN’s holdings in Fifth Third Bancorp were worth $3,052,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the company. Harbor Investment Advisory LLC increased its stake in 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 shares of Fifth Third Bancorp during the fourth quarter worth $29,000. Leonteq Securities AG acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $30,000. Reflection Asset Management bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $30,000. Finally, EFG International AG bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Up 0.1%

NASDAQ:FITB opened at $56.47 on Friday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $56.77. The firm has a market capitalization of $51.18 billion, a price-to-earnings ratio of 18.95, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock’s 50 day moving average price is $50.90 and its two-hundred day moving average price is $49.59.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the prior year, the firm posted $0.71 EPS. 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 paid 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 (DPR) is currently 53.69%.

Analysts Set New Price Targets

FITB has been the topic of several recent analyst reports. Truist Financial lifted their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday. Morgan Stanley dropped their price target on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Stephens started coverage on Fifth Third Bancorp in a report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective on the stock. Piper Sandler reiterated an “overweight” rating and issued a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Finally, Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $57.74.

Insiders Place Their Bets

In other news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp 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 transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.51% of the company’s stock.

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.