Legacy Capital Group California Inc. Grows Position in Fifth Third Bancorp $FITB

Legacy Capital Group California Inc. raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 115.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,890 shares of the financial services provider’s stock after acquiring an additional 10,651 shares during the period. Legacy Capital Group California Inc.’s holdings in Fifth Third Bancorp were worth $924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of FITB. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Fifth Third Bancorp by 195.1% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 27,765 shares of the financial services provider’s stock valued at $1,290,000 after purchasing an additional 18,357 shares during the last quarter. Bleakley Financial Group LLC lifted its holdings in shares of Fifth Third Bancorp by 254.7% in the 1st quarter. Bleakley Financial Group LLC now owns 60,468 shares of the financial services provider’s stock valued at $2,809,000 after acquiring an additional 43,419 shares during the last quarter. Archer Investment Corp grew its position in Fifth Third Bancorp by 22.9% in the first quarter. Archer Investment Corp now owns 1,540 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 287 shares in the last quarter. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp during the first quarter worth approximately $25,000. Finally, State of Michigan Retirement System raised its position in Fifth Third Bancorp by 33.7% during the first quarter. State of Michigan Retirement System now owns 246,416 shares of the financial services provider’s stock valued at $11,448,000 after purchasing an additional 62,100 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 20th. The shares were 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 directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FITB has been the topic of several analyst reports. Evercore set a $60.00 target price on Fifth Third Bancorp in a research report on Monday, July 6th. The Goldman Sachs Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Zacks Research lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Jefferies Financial Group boosted their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.11.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $57.19 on Tuesday. 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 company has a market capitalization of $51.83 billion, a PE ratio of 19.19, a P/E/G ratio of 1.09 and a beta of 0.90. The company has a 50 day moving average price of $52.37 and a 200-day moving average price of $50.35. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $58.51.

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

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors 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 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

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.