Farther Finance Advisors LLC Increases Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Farther Finance Advisors LLC raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 90.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,350 shares of the financial services provider’s stock after acquiring an additional 3,485 shares during the quarter. Farther Finance Advisors LLC’s holdings in Fifth Third Bancorp were worth $286,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in FITB. Sierra Ocean LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $28,000. Quarry LP purchased a new position in Fifth Third Bancorp during the fourth quarter worth $29,000. BankPlus Trust Department purchased a new position in Fifth Third Bancorp during the fourth quarter worth $29,000. Midwest Capital Advisors LLC purchased a new position in Fifth Third Bancorp during the fourth quarter worth $33,000. Finally, REAP Financial Group LLC increased its position in Fifth Third Bancorp by 161.8% during the fourth quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider’s stock worth $33,000 after buying an additional 487 shares in the last quarter. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FITB shares. Jefferies Financial Group started coverage on Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a “buy” rating and a $47.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on shares of Fifth Third Bancorp from $49.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 3rd. Robert W. Baird upgraded shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $47.00 price target for the company in a report on Monday, April 7th. Citigroup lowered their price target on shares of Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, March 24th. Finally, Truist Financial lowered their target price on shares of Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $47.53.

Fifth Third Bancorp Price Performance

FITB opened at $38.11 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 0.80. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a 50 day moving average of $37.18 and a two-hundred day moving average of $40.49. The company has a market cap of $25.44 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.32 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Thursday, April 17th. The financial services provider reported $0.73 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.65% and a return on equity of 13.64%. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.17 billion. During the same period in the prior year, the company earned $0.70 EPS. On average, analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Monday, June 30th. Fifth Third Bancorp’s payout ratio is 46.98%.

Fifth Third Bancorp declared that its Board of Directors has authorized a stock repurchase plan on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Fifth Third Bancorp Company Profile

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.