Los Angeles Capital Management LLC Sells 59,505 Shares of Fifth Third Bancorp $FITB

Los Angeles Capital Management LLC lowered its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 15.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 313,987 shares of the financial services provider’s stock after selling 59,505 shares during the period. Los Angeles Capital Management LLC’s holdings in Fifth Third Bancorp were worth $14,698,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FITB. Norges Bank bought a new stake in Fifth Third Bancorp in the fourth quarter valued at about $649,264,000. Bank of America Corp DE grew its stake in Fifth Third Bancorp by 16.7% during the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock worth $714,457,000 after buying an additional 2,293,939 shares during the last quarter. Westfield Capital Management Co. LP grew its stake in Fifth Third Bancorp by 131.3% during the fourth quarter. Westfield Capital Management Co. LP now owns 3,746,926 shares of the financial services provider’s stock worth $175,394,000 after buying an additional 2,126,978 shares during the last quarter. Alecta Tjanstepension Omsesidigt grew its stake in Fifth Third Bancorp by 130.6% during the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 3,367,700 shares of the financial services provider’s stock worth $157,541,000 after buying an additional 1,907,400 shares during the last quarter. Finally, Capital World Investors grew its stake in Fifth Third Bancorp by 6.2% during the third quarter. Capital World Investors now owns 30,830,308 shares of the financial services provider’s stock worth $1,373,490,000 after buying an additional 1,803,861 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the 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 sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Price Performance

FITB opened at $52.01 on Monday. Fifth Third Bancorp has a one year low of $37.86 and a one year high of $55.44. 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 company’s 50 day simple moving average is $49.08 and its 200-day simple moving average is $48.52. The stock has a market capitalization of $47.14 billion, a P/E ratio of 17.45, a price-to-earnings-growth ratio of 1.06 and a beta of 0.92.

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

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, March 31st. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

Wall Street Analysts Forecast Growth

FITB has been the topic of several research analyst reports. Truist Financial set a $57.00 price objective on shares of Fifth Third Bancorp in a research note on Tuesday, April 21st. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Robert W. Baird upped their price objective on shares of Fifth Third Bancorp from $55.00 to $56.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Finally, Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $57.19.

About Fifth Third Bancorp

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.