Rakuten Investment Management Inc. boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 9.8% during the third quarter, Holdings Channel.com reports. The institutional investor owned 162,739 shares of the financial services provider’s stock after acquiring an additional 14,545 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $8,295,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $25,000. Security National Bank of SO Dak bought a new stake in Fifth Third Bancorp in the 2nd quarter valued at $25,000. Essential Investment Partners LLC bought a new stake in Fifth Third Bancorp in the 3rd quarter valued at $25,000. SouthState Bank Corp lifted its holdings in 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 during the last quarter. Finally, Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter valued at $29,000. Institutional investors own 83.79% of the company’s stock.
Insider Activity
In other news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction dated Monday, October 26th. The shares were 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 of the company’s stock, valued at approximately $6,454,384.40. The trade was a 14.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.51% of the company’s stock.
Fifth Third Bancorp Stock Performance
NASDAQ:FITB opened at $53.39 on Friday. The stock has a market cap of $48.42 billion, a P/E ratio of 17.92, a PEG ratio of 1.09 and a beta of 0.98. The stock has a 50 day simple moving average of $52.69 and a 200 day simple moving average of $52.14. 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 1-year low of $40.68 and a 1-year high of $59.50.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last released its quarterly earnings results 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. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.34 billion. During the same period in the previous year, the company posted $0.91 EPS. The firm’s quarterly revenue was up 42.4% on a year-over-year basis. Research analysts anticipate that Fifth Third Bancorp will post 4.10 earnings per share for the current year.
Fifth Third Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s payout ratio is 57.53%.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. UBS Group dropped their price objective on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Truist Financial cut their target price on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. TD Cowen started coverage on shares of Fifth Third Bancorp in a report on Thursday, October 8th. They set a “buy” rating and a $60.00 target price for the company. Finally, Bank of America upped their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $60.87.
Read Our Latest Stock Analysis on Fifth Third Bancorp
Fifth Third Bancorp Company 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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