SpringVest Wealth Management LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 13,923 shares of the financial services provider’s stock, valued at approximately $704,000.
A number of other large investors have also added to or reduced their stakes in FITB. Wellington Management Group LLP raised its stake in Fifth Third Bancorp by 20.2% during the 2nd quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after buying an additional 3,972,795 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Fifth Third Bancorp in the second quarter worth $1,324,903,000. Bank of America Corp DE bought a new stake in shares of Fifth Third Bancorp in the second quarter worth $995,717,000. Dimensional Fund Advisors LP increased its position in Fifth Third Bancorp by 30.8% during the first quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider’s stock valued at $507,151,000 after acquiring an additional 2,569,479 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Fifth Third Bancorp by 16.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider’s stock valued at $416,241,000 after acquiring an additional 1,049,520 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.
Fifth Third Bancorp Trading Down 0.1%
Shares of FITB stock opened at $53.54 on Thursday. Fifth Third Bancorp has a 1 year low of $40.68 and a 1 year high of $59.50. The firm has a fifty day moving average price of $52.77 and a 200-day moving average price of $51.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $48.55 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 1.09 and a beta of 0.97.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.34 billion. During the same period in the prior year, the business posted $0.91 EPS. Fifth Third Bancorp’s revenue was up 42.4% on a year-over-year basis. As a group, equities analysts predict that Fifth Third Bancorp will post 4.10 earnings per share for the current year.
Fifth Third Bancorp Increases Dividend
The business also recently declared 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. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 57.53%.
Insider Transactions at Fifth Third Bancorp
In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction dated 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 owned 121,460 shares in the company, valued at $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.51% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the company. Bank of America increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. JPMorgan Chase & Co. cut their price target 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. Wolfe Research initiated coverage on Fifth Third Bancorp in a research note on Tuesday. They set an “outperform” rating for the company. TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 8th. They set a “buy” rating and a $60.00 price target for the company. Finally, Citigroup increased their price objective on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $60.77.
View Our Latest Stock Analysis on FITB
Fifth Third Bancorp Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.
The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.
Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.
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