Tounjian Advisory Partners LLC Takes $1.15 Million Position in Fifth Third Bancorp (NASDAQ:FITB)

Tounjian Advisory Partners LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 29,418 shares of the financial services provider’s stock, valued at approximately $1,153,000.

Several other hedge funds have also added to or reduced their stakes in the business. Sierra Ocean LLC bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $28,000. Quarry LP acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. BankPlus Trust Department bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Midwest Capital Advisors LLC acquired a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $33,000. Finally, REAP Financial Group LLC boosted its stake in Fifth Third Bancorp by 161.8% in the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 487 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FITB shares. Truist Financial lowered their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company dropped their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. cut their price target on Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a research note on Thursday, April 3rd. Citigroup lowered their price objective on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Finally, Robert W. Baird upgraded Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 target price for the company in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Fifth Third Bancorp Trading Up 2.9%

FITB opened at $39.41 on Monday. The company’s 50 day moving average is $36.65 and its 200-day moving average is $40.90. The company has a market cap of $26.31 billion, a P/E ratio of 12.55, a PEG ratio of 1.42 and a beta of 0.90. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the prior year, the business earned $0.70 earnings per share. Equities research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 3.76%. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

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.