Fifth Third Bancorp (NASDAQ:FITB) Shares Acquired by abrdn plc

abrdn plc increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 70.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 284,729 shares of the financial services provider’s stock after acquiring an additional 117,259 shares during the period. abrdn plc’s holdings in Fifth Third Bancorp were worth $9,820,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Independence Bank of Kentucky increased its holdings in shares of Fifth Third Bancorp by 21.1% in the 4th quarter. Independence Bank of Kentucky now owns 2,038 shares of the financial services provider’s stock worth $70,000 after acquiring an additional 355 shares during the period. Kingsview Wealth Management LLC grew its position in Fifth Third Bancorp by 3.5% in the 3rd quarter. Kingsview Wealth Management LLC now owns 11,391 shares of the financial services provider’s stock valued at $289,000 after buying an additional 389 shares in the last quarter. Private Trust Co. NA grew its position in Fifth Third Bancorp by 24.3% in the 3rd quarter. Private Trust Co. NA now owns 2,083 shares of the financial services provider’s stock valued at $53,000 after buying an additional 407 shares in the last quarter. Advisory Resource Group grew its position in Fifth Third Bancorp by 0.4% in the 4th quarter. Advisory Resource Group now owns 116,918 shares of the financial services provider’s stock valued at $4,033,000 after buying an additional 435 shares in the last quarter. Finally, Raleigh Capital Management Inc. grew its position in Fifth Third Bancorp by 3.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 13,694 shares of the financial services provider’s stock valued at $347,000 after buying an additional 451 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $36.90 on Friday. The firm has a market cap of $25.13 billion, a PE ratio of 11.71, a PEG ratio of 1.41 and a beta of 1.27. The firm’s 50 day moving average price is $35.54 and its 200 day moving average price is $32.22. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a twelve month low of $22.46 and a twelve month high of $37.41.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, April 19th. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.05. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter last year, the firm posted $0.78 earnings per share. As a group, research analysts expect that Fifth Third Bancorp will post 3.2 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.35 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.40 annualized dividend and a dividend yield of 3.79%. Fifth Third Bancorp’s payout ratio is 44.44%.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 5,000 shares of the firm’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of $36.38, for a total value of $181,900.00. Following the sale, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Fifth Third Bancorp news, EVP Jude Schramm sold 5,000 shares of Fifth Third Bancorp stock in a transaction on Monday, March 25th. The shares were sold at an average price of $36.38, for a total transaction of $181,900.00. Following the sale, the executive vice president now owns 139,422 shares in the company, valued at $5,072,172.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James C. Leonard sold 26,500 shares of Fifth Third Bancorp stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.66, for a total value of $971,490.00. Following the transaction, the chief operating officer now directly owns 229,344 shares of the company’s stock, valued at $8,407,751.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,357 shares of company stock worth $1,693,888. Insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on FITB shares. Morgan Stanley reiterated an “equal weight” rating and issued a $36.00 target price on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. UBS Group restated a “neutral” rating and set a $39.00 price objective (down previously from $42.00) on shares of Fifth Third Bancorp in a research report on Thursday, April 4th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $40.00 price objective (up previously from $39.00) on shares of Fifth Third Bancorp in a research report on Monday, April 22nd. Wells Fargo & Company raised their price objective on shares of Fifth Third Bancorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Barclays raised their target price on shares of Fifth Third Bancorp from $34.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $36.31.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.