Impax Asset Management Group plc Purchases 1,240 Shares of Fifth Third Bancorp $FITB

Impax Asset Management Group plc increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,010 shares of the financial services provider’s stock after purchasing an additional 1,240 shares during the quarter. Impax Asset Management Group plc’s holdings in Fifth Third Bancorp were worth $8,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. New York State Common Retirement Fund lifted its holdings in Fifth Third Bancorp by 3.0% in the 1st quarter. New York State Common Retirement Fund now owns 407,681 shares of the financial services provider’s stock worth $15,981,000 after buying an additional 11,800 shares during the period. Edgestream Partners L.P. raised its holdings in shares of Fifth Third Bancorp by 1,038.0% during the first quarter. Edgestream Partners L.P. now owns 55,057 shares of the financial services provider’s stock valued at $2,158,000 after acquiring an additional 50,219 shares in the last quarter. Massachusetts Financial Services Co. MA bought a new position in shares of Fifth Third Bancorp during the first quarter valued at approximately $113,900,000. Larson Financial Group LLC lifted its stake in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 357 shares during the period. Finally, Cullen Frost Bankers Inc. boosted its holdings in Fifth Third Bancorp by 22.9% in the first quarter. Cullen Frost Bankers Inc. now owns 4,014 shares of the financial services provider’s stock valued at $157,000 after acquiring an additional 747 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on FITB. The Goldman Sachs Group upped their price objective on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Truist Financial raised their price objective on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. DA Davidson upped their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Morgan Stanley set a $60.00 target price on Fifth Third Bancorp and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. One 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.35.

Insider Buying and Selling

In other news, Director Evan Bayh acquired 3,000 shares of Fifth Third Bancorp stock in a transaction on Monday, October 20th. The stock was acquired at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the purchase, the director owned 84,942 shares in the company, valued at $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $42.44 on Friday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $28.05 billion, a P/E ratio of 12.67, a PEG ratio of 1.14 and a beta of 0.98. The stock’s 50 day moving average is $43.60 and its 200 day moving average is $41.84.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the company posted $0.78 earnings per share. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, equities research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 47.76%.

About Fifth Third Bancorp

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.