Advisory Resource Group Has $4.81 Million Stock Position in Fifth Third Bancorp (NASDAQ:FITB)

Advisory Resource Group increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 4.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 122,661 shares of the financial services provider’s stock after buying an additional 5,675 shares during the period. Advisory Resource Group’s holdings in Fifth Third Bancorp were worth $4,808,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vontobel Holding Ltd. grew its position in Fifth Third Bancorp by 79.4% in the 4th quarter. Vontobel Holding Ltd. now owns 15,305 shares of the financial services provider’s stock valued at $647,000 after purchasing an additional 6,774 shares during the period. Principal Securities Inc. increased its position in shares of Fifth Third Bancorp by 9.7% during the fourth quarter. Principal Securities Inc. now owns 30,929 shares of the financial services provider’s stock worth $1,308,000 after acquiring an additional 2,724 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Fifth Third Bancorp by 6.7% in the 4th quarter. Allworth Financial LP now owns 7,559 shares of the financial services provider’s stock worth $332,000 after acquiring an additional 477 shares during the last quarter. J.W. Cole Advisors Inc. lifted its position in Fifth Third Bancorp by 25.2% in the 4th quarter. J.W. Cole Advisors Inc. now owns 11,096 shares of the financial services provider’s stock valued at $469,000 after acquiring an additional 2,235 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new position in Fifth Third Bancorp during the 4th quarter valued at about $28,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Up 1.8%

FITB stock opened at $38.78 on Thursday. The stock has a fifty day moving average of $37.24 and a 200-day moving average of $40.48. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a market capitalization of $25.89 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.31 and a beta of 0.90. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.80 and a current ratio of 0.81.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same quarter last year, the business earned $0.70 earnings per share. As a group, equities research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp announced that its Board of Directors has initiated a share repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Monday, June 30th. Fifth Third Bancorp’s payout ratio is currently 46.98%.

Analyst Ratings Changes

Several brokerages have recently commented on FITB. Wells Fargo & Company increased their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 10th. Truist Financial dropped their price objective on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Keefe, Bruyette & Woods lowered their target price on shares of Fifth Third Bancorp from $47.00 to $42.00 and set a “market perform” rating for the company in a report on Monday, April 21st. DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and raised their price target for the company from $42.00 to $47.00 in a research report on Monday, June 9th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $51.00 price objective on shares of Fifth Third Bancorp in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.53.

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.