Davis Selected Advisers Has $62.52 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Davis Selected Advisers boosted its position in Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 83.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,905,588 shares of the financial services provider’s stock after purchasing an additional 865,707 shares during the period. Davis Selected Advisers owned 0.28% of Fifth Third Bancorp worth $62,522,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FITB. Boyd Watterson Asset Management LLC OH bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $36,000. Tokio Marine Asset Management Co. Ltd. boosted its holdings in Fifth Third Bancorp by 9.6% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,956 shares of the financial services provider’s stock worth $392,000 after acquiring an additional 1,046 shares in the last quarter. Belpointe Asset Management LLC boosted its holdings in Fifth Third Bancorp by 7.3% in the third quarter. Belpointe Asset Management LLC now owns 5,569 shares of the financial services provider’s stock worth $178,000 after acquiring an additional 381 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Fifth Third Bancorp by 5.4% in the fourth quarter. Daiwa Securities Group Inc. now owns 47,972 shares of the financial services provider’s stock worth $1,574,000 after purchasing an additional 2,454 shares during the last quarter. Finally, Ronald Blue Trust Inc. raised its stake in shares of Fifth Third Bancorp by 66.0% in the fourth quarter. Ronald Blue Trust Inc. now owns 3,121 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 1,241 shares during the last quarter. Institutional investors and hedge funds own 80.17% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the subject of several research reports. JPMorgan Chase & Co. reduced their price objective on Fifth Third Bancorp from $37.50 to $32.50 and set a “neutral” rating for the company in a report on Monday, April 10th. Wells Fargo & Company lowered their price target on Fifth Third Bancorp from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Monday, April 3rd. Barclays lowered their price target on Fifth Third Bancorp from $47.00 to $36.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 12th. Piper Sandler decreased their price objective on Fifth Third Bancorp from $43.00 to $40.00 in a report on Friday, March 10th. Finally, The Goldman Sachs Group reduced their price target on Fifth Third Bancorp from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, March 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Fifth Third Bancorp currently has an average rating of “Hold” and a consensus target price of $35.59.

Fifth Third Bancorp Trading Up 0.3 %

Shares of FITB traded up $0.08 during trading hours on Friday, reaching $25.13. 2,925,802 shares of the company traded hands, compared to its average volume of 8,475,473. The firm has a market cap of $17.11 billion, a price-to-earnings ratio of 7.25, a PEG ratio of 0.88 and a beta of 1.17. Fifth Third Bancorp has a 12-month low of $22.11 and a 12-month high of $40.07. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 0.79. The stock’s fifty day moving average price is $25.73 and its 200 day moving average price is $31.46.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last released its quarterly earnings data on Thursday, April 20th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.01). The business had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Fifth Third Bancorp had a return on equity of 16.28% and a net margin of 24.39%. During the same period last year, the company earned $0.69 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 3.47 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 17th. Shareholders of record on Friday, March 31st were given a $0.33 dividend. The ex-dividend date was Thursday, March 30th. This represents a $1.32 annualized dividend and a yield of 5.25%. Fifth Third Bancorp’s dividend payout ratio is presently 38.15%.

Insider Activity

In other news, Director Evan Bayh acquired 5,000 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were bought at an average price of $24.82 per share, for a total transaction of $124,100.00. Following the acquisition, the director now owns 73,700 shares of the company’s stock, valued at approximately $1,829,234. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Evan Bayh acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average price of $24.82 per share, for a total transaction of $124,100.00. Following the purchase, the director now owns 73,700 shares of the company’s stock, valued at approximately $1,829,234. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gary R. Heminger bought 33,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were acquired at an average price of $26.82 per share, with a total value of $885,060.00. Following the purchase, the director now owns 127,043 shares of the company’s stock, valued at $3,407,293.26. The disclosure for this purchase can be found here. Insiders own 0.66% of the company’s stock.

Fifth Third Bancorp Company Profile

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Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management.