AustralianSuper Pty Ltd Cuts Stake in Fifth Third Bancorp $FITB

AustralianSuper Pty Ltd reduced its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 35.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 114,507 shares of the financial services provider’s stock after selling 63,328 shares during the period. AustralianSuper Pty Ltd’s holdings in Fifth Third Bancorp were worth $5,101,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Evolution Wealth Management Inc. purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth about $26,000. Westside Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after buying an additional 292 shares during the period. United Community Bank grew its position in shares of Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after buying an additional 581 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $32,000. Finally, Elevation Point Wealth Partners LLC bought a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $48,000. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FITB. Argus lifted their target price on shares of Fifth Third Bancorp from $49.00 to $58.00 in a research note on Thursday, January 22nd. TD Cowen reaffirmed a “buy” rating and set a $60.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, February 3rd. Morgan Stanley increased their target price on Fifth Third Bancorp from $60.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday. Citigroup raised their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Finally, Truist Financial upped their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Seventeen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.91.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by insiders.

Fifth Third Bancorp Price Performance

FITB opened at $49.54 on Thursday. The firm has a market cap of $32.75 billion, a PE ratio of 13.99, a P/E/G ratio of 1.01 and a beta of 0.96. The stock has a 50-day moving average price of $50.68 and a 200-day moving average price of $46.48. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $55.44. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The company had revenue of $3.82 billion during the quarter. Sell-side analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a dividend of $0.40 per share. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s payout ratio is currently 45.20%.

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.