Sei Investments Co. Purchases 885,990 Shares of Fifth Third Bancorp $FITB

Sei Investments Co. boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 89.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,872,450 shares of the financial services provider’s stock after purchasing an additional 885,990 shares during the period. Sei Investments Co. owned 0.21% of Fifth Third Bancorp worth $86,994,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FITB. Cetera Investment Advisers increased its stake in shares of Fifth Third Bancorp by 11.7% in the first quarter. Cetera Investment Advisers now owns 418,038 shares of the financial services provider’s stock valued at $19,422,000 after buying an additional 43,848 shares during the period. Alpha Family Trust bought a new position in shares of Fifth Third Bancorp during the first quarter valued at $411,000. Dynamic Wealth Strategies LLC bought a new position in shares of Fifth Third Bancorp during the first quarter valued at $45,000. NewEdge Wealth LLC lifted its holdings in shares of Fifth Third Bancorp by 5,269.0% during the first quarter. NewEdge Wealth LLC now owns 1,326,949 shares of the financial services provider’s stock worth $61,650,000 after purchasing an additional 1,302,234 shares during the period. Finally, WealthCollab LLC acquired a new position in shares of Fifth Third Bancorp during the first quarter worth $73,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

FITB stock opened at $57.41 on Friday. The stock has a 50-day moving average price of $53.97 and a 200-day moving average price of $50.96. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $52.03 billion, a PE ratio of 19.27, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter in the previous year, the company earned $0.88 EPS. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp’s payout ratio is 54.61%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FITB shares. JPMorgan Chase & Co. increased their price objective on Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Citigroup lifted their target price on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday. Keefe, Bruyette & Woods upped their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Barclays increased their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Finally, Morgan Stanley lifted 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, June 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.49.

Insider Activity

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.51% of the company’s stock.

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.