McMillan Office Inc. Takes $7.72 Million Position in Fifth Third Bancorp $FITB

McMillan Office Inc. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the first quarter, HoldingsChannel reports. The institutional investor bought 166,147 shares of the financial services provider’s stock, valued at approximately $7,719,000. Fifth Third Bancorp comprises 1.0% of McMillan Office Inc.’s portfolio, making the stock its 21st biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. EWA LLC bought a new position in shares of Fifth Third Bancorp during the 1st quarter valued at about $213,000. Lansforsakringar Fondforvaltning AB publ raised its holdings in shares of Fifth Third Bancorp by 9.6% in the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 6,985 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 610 shares in the last quarter. North Star Investment Management Corp. lifted its stake in Fifth Third Bancorp by 65.4% during the first quarter. North Star Investment Management Corp. now owns 189,895 shares of the financial services provider’s stock valued at $8,823,000 after purchasing an additional 75,103 shares during the last quarter. Apollon Wealth Management LLC lifted its stake in Fifth Third Bancorp by 22.9% during the first quarter. Apollon Wealth Management LLC now owns 27,573 shares of the financial services provider’s stock valued at $1,281,000 after purchasing an additional 5,142 shares during the last quarter. Finally, Patton Fund Management Inc. boosted its holdings in Fifth Third Bancorp by 9.2% during the first quarter. Patton Fund Management Inc. now owns 5,336 shares of the financial services provider’s stock worth $248,000 after buying an additional 449 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FITB shares. 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. Evercore increased their price objective on Fifth Third Bancorp from $53.00 to $58.00 in a research report on Wednesday, June 24th. Morgan Stanley raised their price objective on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday. Piper Sandler restated an “overweight” rating and issued a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $57.00 target price on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Sixteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $57.94.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 value 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 position. The SEC filing for this sale provides additional information. Company insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Up 1.0%

FITB stock opened at $56.89 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $51.56 billion, a P/E ratio of 19.09, a P/E/G ratio of 1.09 and a beta of 0.92. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $56.94. The company’s 50 day simple moving average is $51.04 and its 200-day simple moving average is $49.70.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data 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 net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. During the same quarter last year, the business posted $0.71 EPS. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a $0.40 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is presently 53.69%.

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.