Gamco Investors INC. ET AL increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 529.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 171,847 shares of the financial services provider’s stock after buying an additional 144,566 shares during the period. Gamco Investors INC. ET AL’s holdings in Fifth Third Bancorp were worth $7,984,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the first quarter valued at approximately $25,000. SouthState Bank Corp boosted its position in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp during the fourth quarter worth approximately $29,000. Leonteq Securities AG bought a new stake in Fifth Third Bancorp in the fourth quarter worth approximately $30,000. Finally, Reflection Asset Management acquired a new position in Fifth Third Bancorp in the fourth quarter valued at approximately $30,000. 83.79% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
FITB has been the subject of a number of research reports. Bank of America raised their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Wolfe Research reduced their target price on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a research note on Wednesday, April 1st. Morgan Stanley boosted their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Robert W. Baird upped their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Finally, UBS Group raised their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $60.49.
Insider Transactions at Fifth Third Bancorp
In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.51% of the stock is currently owned by insiders.
Fifth Third Bancorp Stock Performance
Shares of Fifth Third Bancorp stock opened at $57.41 on Monday. The business’s fifty day simple moving average is $53.97 and its 200 day simple moving average is $50.98. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The firm has a market capitalization of $52.03 billion, a P/E ratio of 19.27, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the company earned $0.88 earnings per share. The firm’s revenue was up 45.8% on a year-over-year basis. As a group, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.
Fifth Third Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 54.61%.
About Fifth Third Bancorp
Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.
On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.
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