Weiss Asset Management LP bought a new position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm bought 18,095 shares of the financial services provider’s stock, valued at approximately $841,000.
Other hedge funds have also added to or reduced their stakes in the company. D.A. Davidson & CO. lifted its stake in shares of Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after acquiring an additional 20,862 shares during the last quarter. Robinhood Asset Management LLC purchased a new position in Fifth Third Bancorp in the 4th quarter worth approximately $8,529,000. Keybank National Association OH lifted its position in Fifth Third Bancorp by 33.2% in the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after purchasing an additional 21,365 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after purchasing an additional 96,656 shares during the period. Finally, SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth approximately $1,514,000. 83.79% of the stock is owned by institutional investors.
Fifth Third Bancorp Stock Performance
NASDAQ:FITB opened at $57.00 on Tuesday. 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’s fifty day simple moving average is $54.15 and its 200 day simple moving average is $51.03. The stock has a market cap of $51.66 billion, a P/E ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.
Fifth Third Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. UBS Group boosted their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Wolfe Research lowered their price objective on shares of 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. Truist Financial increased their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Finally, Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $60.49.
Read Our Latest Analysis on Fifth Third Bancorp
Fifth Third Bancorp Company Profile
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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