Ascent Group LLC increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 51.2% during the third quarter, Holdings Channel reports. The fund owned 30,616 shares of the financial services provider’s stock after acquiring an additional 10,365 shares during the quarter. Ascent Group LLC’s holdings in Fifth Third Bancorp were worth $1,549,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. Caldwell Trust Co raised its holdings in shares of Fifth Third Bancorp by 20.3% during the third quarter. Caldwell Trust Co now owns 5,357 shares of the financial services provider’s stock valued at $271,000 after purchasing an additional 905 shares during the last quarter. Rakuten Investment Management Inc. raised its stake in shares of Fifth Third Bancorp by 9.8% during the 3rd quarter. Rakuten Investment Management Inc. now owns 162,739 shares of the financial services provider’s stock worth $8,295,000 after buying an additional 14,545 shares during the last quarter. Provenance Wealth Advisors LLC increased its stake in Fifth Third Bancorp by 17,333.3% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 4,707 shares of the financial services provider’s stock worth $238,000 after buying an additional 4,680 shares during the period. Gallacher Capital Management LLC acquired a new stake in Fifth Third Bancorp in the 3rd quarter valued at about $288,000. Finally, Virtue Capital Management LLC grew its position in Fifth Third Bancorp by 4.3% during the third quarter. Virtue Capital Management LLC now owns 7,534 shares of the financial services provider’s stock worth $381,000 after buying an additional 313 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.
Fifth Third Bancorp Stock Performance
Shares of FITB stock opened at $53.14 on Friday. The company has a market cap of $48.19 billion, a price-to-earnings ratio of 17.83, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98. Fifth Third Bancorp has a 52 week low of $40.68 and a 52 week 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. The firm has a 50 day moving average of $52.66 and a 200-day moving average of $52.15.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.27. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue was up 42.4% compared to the same quarter last year. During the same period last year, the company posted $0.91 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current year.
Fifth Third Bancorp Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $0.42 per share. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 annualized dividend and a yield of 3.2%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 57.53%.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the stock. Wolfe Research initiated coverage on shares of Fifth Third Bancorp in a research report on Tuesday, October 27th. They set an “outperform” rating for the company. Bank of America raised their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. UBS Group reduced their price objective on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, October 5th. JPMorgan Chase & Co. increased their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Finally, Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price objective on the stock in a research note on Wednesday, October 21st. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $60.87.
Read Our Latest Analysis on FITB
Insider Buying and Selling
In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction on Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the sale, the executive vice president directly owned 121,460 shares in the company, valued at approximately $6,454,384.40. This represents a 14.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.51% of the stock is currently owned by insiders.
About Fifth Third Bancorp
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