Belpointe Asset Management LLC Has $273,000 Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Belpointe Asset Management LLC raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 49.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,329 shares of the financial services provider’s stock after purchasing an additional 2,760 shares during the period. Belpointe Asset Management LLC’s holdings in Fifth Third Bancorp were worth $273,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. CI Investments Inc. lifted its position in shares of Fifth Third Bancorp by 1,002.4% during the 3rd quarter. CI Investments Inc. now owns 915 shares of the financial services provider’s stock worth $29,000 after buying an additional 832 shares during the last quarter. Guardian Wealth Advisors LLC bought a new position in shares of Fifth Third Bancorp in the third quarter worth about $30,000. EverSource Wealth Advisors LLC boosted its stake in shares of Fifth Third Bancorp by 226.0% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 939 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 651 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in Fifth Third Bancorp by 3,012.9% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 965 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 934 shares in the last quarter. Finally, Boyd Watterson Asset Management LLC OH bought a new position in Fifth Third Bancorp in the 4th quarter valued at approximately $36,000. 80.17% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $23.62 on Monday. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 0.79. Fifth Third Bancorp has a 52 week low of $22.11 and a 52 week high of $40.07. The firm has a 50 day moving average of $26.64 and a 200-day moving average of $32.05. The company has a market cap of $16.09 billion, a price-to-earnings ratio of 6.83, a price-to-earnings-growth ratio of 0.87 and a beta of 1.17.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last posted its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). The company had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.22 billion. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 16.28%. During the same period last year, the firm posted $0.69 earnings per share. On average, equities analysts forecast that Fifth Third Bancorp will post 3.47 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 17th. Shareholders of record on Friday, March 31st were issued a $0.33 dividend. The ex-dividend date was Thursday, March 30th. This represents a $1.32 annualized dividend and a yield of 5.59%. Fifth Third Bancorp’s payout ratio is currently 38.15%.

Insider Activity

In other Fifth Third Bancorp news, Director Gary R. Heminger acquired 33,000 shares of the company’s stock in a transaction on Monday, March 13th. The shares were purchased at an average cost of $26.82 per share, with a total value of $885,060.00. Following the completion of the purchase, the director now owns 127,043 shares of the company’s stock, valued at $3,407,293.26. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Fifth Third Bancorp news, Director Gary R. Heminger bought 33,000 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average price of $26.82 per share, for a total transaction of $885,060.00. Following the acquisition, the director now directly owns 127,043 shares of the company’s stock, valued at approximately $3,407,293.26. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Howard Hammond sold 1,000 shares of Fifth Third Bancorp stock in a transaction dated Tuesday, February 14th. The shares were sold at an average price of $37.32, for a total value of $37,320.00. Following the transaction, the executive vice president now owns 49,202 shares of the company’s stock, valued at approximately $1,836,218.64. The disclosure for this sale can be found here. Corporate insiders own 0.66% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler lowered their price target on shares of Fifth Third Bancorp from $43.00 to $40.00 in a report on Friday, March 10th. UBS Group increased their target price on Fifth Third Bancorp from $29.00 to $31.00 in a research report on Sunday, April 23rd. Barclays reduced their price target on Fifth Third Bancorp from $47.00 to $36.00 and set an “overweight” rating on the stock in a report on Wednesday, April 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 price objective on shares of Fifth Third Bancorp in a report on Friday, April 21st. Finally, The Goldman Sachs Group cut their target price on shares of Fifth Third Bancorp from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, March 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $35.59.

About Fifth Third Bancorp

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Fifth Third Bancorp engages in the provision of banking & financial services, retail & commercial banking, consumer lending services, and investment advisory services through its subsidiary Fifth Third Bank. It operates through the following segments: Commercial Banking, Branch Banking, Consumer Lending and Wealth and Asset Management.