Delta Global Management LP Makes New Investment in Fifth Third Bancorp $FITB

Delta Global Management LP acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 4th quarter, Holdings Channel reports. The firm acquired 51,846 shares of the financial services provider’s stock, valued at approximately $2,427,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bahl & Gaynor Inc. lifted its holdings in shares of Fifth Third Bancorp by 18.0% during the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider’s stock valued at $7,189,000 after purchasing an additional 24,566 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Fifth Third Bancorp by 3.2% during the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider’s stock valued at $59,788,000 after purchasing an additional 39,261 shares during the last quarter. Robinhood Asset Management LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at approximately $8,529,000. Westfield Capital Management Co. LP lifted its holdings in shares of Fifth Third Bancorp by 26.6% during the third quarter. Westfield Capital Management Co. LP now owns 1,619,948 shares of the financial services provider’s stock valued at $72,169,000 after purchasing an additional 340,030 shares during the last quarter. Finally, Barclays PLC lifted its holdings in shares of Fifth Third Bancorp by 27.0% during the third quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider’s stock valued at $175,850,000 after purchasing an additional 840,094 shares during the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s 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 sale, the executive vice president 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. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction 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 approximately $3,873,700.23. The trade was a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Trading Down 3.1%

NASDAQ:FITB opened at $53.02 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $37.88 and a 12 month high of $55.44. The company has a market cap of $48.05 billion, a PE ratio of 17.79, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a 50 day simple moving average of $49.95 and a two-hundred day simple moving average of $48.99.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results 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 business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the previous year, the firm posted $0.71 EPS. Research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. Fifth Third Bancorp’s payout ratio is presently 53.69%.

Analysts Set New Price Targets

FITB has been the subject of several recent research reports. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. DA Davidson reiterated a “buy” rating and set a $58.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 20th. Wolfe Research reduced their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research report on Wednesday, April 1st. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $57.00 price target on shares of Fifth Third Bancorp in a research report on Monday, May 4th. Sixteen investment 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, the company has an average rating of “Moderate Buy” and a consensus price target of $57.34.

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.