Lake Street Private Wealth LLC Has $533,000 Stake in Fifth Third Bancorp (NASDAQ:FITB)

Lake Street Private Wealth LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 11.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 14,335 shares of the financial services provider’s stock after selling 1,800 shares during the period. Lake Street Private Wealth LLC’s holdings in Fifth Third Bancorp were worth $533,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock worth $3,012,472,000 after acquiring an additional 734,403 shares in the last quarter. Capital World Investors raised its position in Fifth Third Bancorp by 34.2% during the fourth quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock worth $1,416,985,000 after acquiring an additional 10,472,392 shares in the last quarter. Boston Partners raised its position in Fifth Third Bancorp by 11.5% during the fourth quarter. Boston Partners now owns 14,575,735 shares of the financial services provider’s stock worth $502,719,000 after acquiring an additional 1,499,194 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Fifth Third Bancorp by 4.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,247,695 shares of the financial services provider’s stock worth $318,979,000 after acquiring an additional 393,489 shares in the last quarter. Finally, Norges Bank bought a new stake in Fifth Third Bancorp during the fourth quarter worth $257,189,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $36.78 on Friday. Fifth Third Bancorp has a 52 week low of $22.49 and a 52 week high of $39.14. The firm has a market cap of $25.16 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 2.55 and a beta of 1.24. The firm’s 50-day simple moving average is $36.90 and its 200 day simple moving average is $35.62. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, April 19th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.05. The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.08 billion. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. During the same period in the prior year, the company posted $0.78 earnings per share. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.29 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.81%. Fifth Third Bancorp’s payout ratio is currently 44.44%.

Insider Activity

In other news, EVP Kala Gibson sold 14,857 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $36.38, for a total value of $540,497.66. Following the sale, the executive vice president now directly owns 46,646 shares in the company, valued at approximately $1,696,981.48. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $37.50, for a total transaction of $93,750.00. Following the sale, the executive vice president now directly owns 136,922 shares in the company, valued at approximately $5,134,575. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kala Gibson sold 14,857 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total transaction of $540,497.66. Following the sale, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FITB has been the topic of several analyst reports. Morgan Stanley reaffirmed an “equal weight” rating and set a $36.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. Jefferies Financial Group increased their price objective on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday. Stephens reissued an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a research report on Tuesday, June 11th. Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price objective on the stock in a research report on Friday, May 31st. Finally, Wells Fargo & Company increased their price objective on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Hold” and a consensus price target of $38.15.

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.