Harvest Portfolios Group Inc. Lowers Position in Fifth Third Bancorp $FITB

Harvest Portfolios Group Inc. decreased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.5% during the second quarter, Holdings Channel reports. The fund owned 149,228 shares of the financial services provider’s stock after selling 6,956 shares during the period. Harvest Portfolios Group Inc.’s holdings in Fifth Third Bancorp were worth $6,138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Banque Transatlantique SA bought a new position in Fifth Third Bancorp in the first quarter worth $27,000. Activest Wealth Management grew its holdings in Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 626 shares during the period. Larson Financial Group LLC increased its stake in shares of Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 357 shares in the last quarter. GoalVest Advisory LLC lifted its holdings in shares of Fifth Third Bancorp by 246.3% during the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 532 shares during the last quarter. Finally, BankPlus Trust Department boosted its position in shares of Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1%

Shares of NASDAQ:FITB opened at $42.54 on Friday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The stock has a market capitalization of $28.16 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.14 and a beta of 0.98. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50-day simple moving average is $43.89 and its two-hundred day simple moving average is $41.56.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.06. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The business’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.78 EPS. Analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is 47.76%.

Insiders Place Their Bets

In related news, Director Evan Bayh purchased 3,000 shares of the business’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $41.22 per share, with a total value of $123,660.00. Following the completion of the acquisition, the director owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. TD Cowen raised their price objective on shares of Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, October 20th. DA Davidson upped their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Truist Financial raised their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Cowen reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a research report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.35.

Fifth Third Bancorp Company 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.