Vontobel Holding Ltd. lowered its stake in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 9.7% in the third quarter, Holdings Channel reports. The institutional investor owned 136,642 shares of the financial services provider’s stock after selling 14,690 shares during the period. Vontobel Holding Ltd.’s holdings in Fifth Third Bancorp were worth $6,911,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $25,000. Security National Bank of SO Dak bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $25,000. SouthState Bank Corp lifted its position in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Finally, Clearstead Trust LLC acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $29,000. Institutional investors own 83.79% of the company’s stock.
Fifth Third Bancorp Stock Performance
NASDAQ FITB opened at $50.44 on Friday. The stock has a market cap of $45.74 billion, a P/E ratio of 16.92, a PEG ratio of 1.09 and a beta of 0.97. The company’s 50-day simple moving average is $53.49 and its 200 day simple moving average is $52.89. Fifth Third Bancorp has a twelve month low of $40.65 and a twelve month high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period last year, the company earned $0.88 EPS. As a group, research analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.
Fifth Third Bancorp Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 57.34%.
Wall Street Analysts Forecast Growth
FITB has been the topic of several recent research reports. Jefferies Financial Group decreased their price objective on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. JPMorgan Chase & Co. cut their target price on Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Friday, October 2nd. TD Cowen initiated coverage on Fifth Third Bancorp in a research report on Thursday, October 8th. They issued a “buy” rating and a $60.00 target price for the company. Royal Bank Of Canada raised their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.92.
Read Our Latest Report on Fifth Third Bancorp
Fifth Third Bancorp Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.
Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.
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