Clearbridge Investments LLC Buys 2,644,332 Shares of Fifth Third Bancorp $FITB

Clearbridge Investments LLC raised its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 719.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,012,022 shares of the financial services provider’s stock after acquiring an additional 2,644,332 shares during the period. Clearbridge Investments LLC’s holdings in Fifth Third Bancorp were worth $140,993,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Syon Capital LLC lifted its position in Fifth Third Bancorp by 15.0% during the fourth quarter. Syon Capital LLC now owns 21,813 shares of the financial services provider’s stock valued at $1,021,000 after purchasing an additional 2,841 shares during the period. Capital World Investors raised its stake in Fifth Third Bancorp by 5.6% during the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock valued at $1,523,650,000 after buying an additional 1,719,361 shares during the last quarter. Capital Research Global Investors raised its stake in Fifth Third Bancorp by 12.8% during the 4th quarter. Capital Research Global Investors now owns 6,450,801 shares of the financial services provider’s stock valued at $301,962,000 after buying an additional 731,799 shares during the last quarter. Capital International Sarl boosted its stake in shares of Fifth Third Bancorp by 9.0% in the 4th quarter. Capital International Sarl now owns 30,491 shares of the financial services provider’s stock worth $1,427,000 after buying an additional 2,511 shares during the last quarter. Finally, DB&C Advisors LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth $490,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $52.01 on Monday. 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’s fifty day moving average is $49.08 and its 200 day moving average is $48.52. The company has a market capitalization of $47.14 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92. Fifth Third Bancorp has a fifty-two week low of $37.86 and a fifty-two week high of $55.44.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the prior year, the business posted $0.71 earnings per share. Sell-side analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, March 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.1%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 53.69%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FITB. Barclays lifted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. The Goldman Sachs Group raised their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Jefferies Financial Group upped their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Robert W. Baird boosted their target price on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.19.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the company’s 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 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kevin J. Khanna sold 6,000 shares of the company’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 transaction 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 approximately $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 company insiders.

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.