Legacy Financial Advisors Inc. Has $3.15 Million Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Legacy Financial Advisors Inc. grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 16.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 91,262 shares of the financial services provider’s stock after purchasing an additional 13,165 shares during the period. Fifth Third Bancorp comprises approximately 0.6% of Legacy Financial Advisors Inc.’s investment portfolio, making the stock its 28th biggest holding. Legacy Financial Advisors Inc.’s holdings in Fifth Third Bancorp were worth $3,148,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Sapient Capital LLC acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $1,491,000. LSV Asset Management raised its holdings in shares of Fifth Third Bancorp by 12.4% in the fourth quarter. LSV Asset Management now owns 4,335,107 shares of the financial services provider’s stock valued at $149,518,000 after purchasing an additional 478,607 shares during the last quarter. 9258 Wealth Management LLC increased its holdings in Fifth Third Bancorp by 4.6% during the fourth quarter. 9258 Wealth Management LLC now owns 14,019 shares of the financial services provider’s stock worth $484,000 after buying an additional 620 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in Fifth Third Bancorp by 3.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 8,525 shares of the financial services provider’s stock worth $294,000 after buying an additional 300 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in Fifth Third Bancorp by 3.9% during the fourth quarter. Amalgamated Bank now owns 177,209 shares of the financial services provider’s stock worth $6,112,000 after buying an additional 6,684 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock traded up $0.67 during trading on Friday, reaching $37.56. The company’s stock had a trading volume of 4,007,014 shares, compared to its average volume of 4,768,773. The business’s 50-day moving average price is $35.88 and its 200-day moving average price is $32.65. The firm has a market cap of $25.58 billion, a PE ratio of 11.92, a P/E/G ratio of 1.42 and a beta of 1.24. Fifth Third Bancorp has a 52 week low of $22.46 and a 52 week high of $37.77. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. The company had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $2.08 billion. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. During the same quarter in the previous year, the business posted $0.78 earnings per share. Equities analysts forecast that Fifth Third Bancorp will post 3.22 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.73%. Fifth Third Bancorp’s payout ratio is presently 44.44%.

Analysts Set New Price Targets

FITB has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. JPMorgan Chase & Co. upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $37.50 to $39.50 in a report on Wednesday. Stephens restated an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, March 19th. Robert W. Baird restated a “neutral” rating and set a $32.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 1st. Finally, UBS Group restated a “neutral” rating and set a $39.00 target price (down from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $36.50.

Insider Buying and Selling

In related news, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.66, for a total transaction of $971,490.00. Following the completion of the sale, the chief operating officer now owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the sale, the executive vice president now owns 46,646 shares of the company’s stock, valued at $1,696,981.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO James C. Leonard sold 26,500 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $36.66, for a total transaction of $971,490.00. Following the sale, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at approximately $8,407,751.04. The disclosure for this sale can be found here. Insiders sold 48,857 shares of company stock valued at $1,787,638 over the last quarter. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.