Vest Financial LLC Buys 120,162 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Vest Financial LLC raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 23.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 641,562 shares of the financial services provider’s stock after acquiring an additional 120,162 shares during the period. Vest Financial LLC’s holdings in Fifth Third Bancorp were worth $23,411,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Financial Synergies Wealth Advisors Inc. bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth about $29,000. American Capital Advisory LLC acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $34,000. Centerpoint Advisors LLC raised its stake in shares of Fifth Third Bancorp by 125.0% in the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 750 shares during the last quarter. Family Firm Inc. acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $52,000. Finally, Blue Trust Inc. raised its position in Fifth Third Bancorp by 130.6% in the 2nd quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 914 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the sale, the executive vice president now directly owns 134,422 shares of the company’s stock, valued at $5,376,880. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the executive vice president now owns 134,422 shares in the company, valued at approximately $5,376,880. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Mitchell Stuart Feiger sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $41.21, for a total transaction of $494,520.00. Following the sale, the director now owns 20,961 shares of the company’s stock, valued at $863,802.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,500 shares of company stock valued at $2,269,920. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $41.12 on Thursday. The stock has a market capitalization of $28.13 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 1.91 and a beta of 1.22. Fifth Third Bancorp has a 12 month low of $22.49 and a 12 month high of $42.91. The firm has a fifty day simple moving average of $40.39 and a 200 day simple moving average of $37.76. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter in the prior year, the company earned $0.87 EPS. Research analysts forecast that Fifth Third Bancorp will post 3.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FITB has been the subject of a number of research reports. Stephens restated an “equal weight” rating and issued a $41.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, June 11th. Morgan Stanley boosted their target price on shares of Fifth Third Bancorp from $40.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $40.00 price target on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Evercore ISI reduced their price objective on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Finally, Royal Bank of Canada boosted their target price on Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Monday, July 22nd. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.56.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.