Geneos Wealth Management Inc. Acquires 1,567 Shares of Fifth Third Bancorp $FITB

Geneos Wealth Management Inc. boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 28.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,042 shares of the financial services provider’s stock after buying an additional 1,567 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Fifth Third Bancorp were worth $276,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FITB. Commerce Bank boosted its stake in Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after acquiring an additional 282 shares during the last quarter. Orca Wealth Management LLC raised its holdings in shares of Fifth Third Bancorp by 0.8% in the 1st quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock worth $1,384,000 after purchasing an additional 294 shares during the period. Meadow Creek Wealth Advisors LLC lifted its stake in Fifth Third Bancorp by 3.0% in the first quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock valued at $410,000 after purchasing an additional 300 shares during the last quarter. Nissay Asset Management Corp Japan ADV grew its holdings in Fifth Third Bancorp by 0.4% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 82,196 shares of the financial services provider’s stock valued at $3,222,000 after purchasing an additional 300 shares during the period. Finally, Gotham Asset Management LLC increased its position in Fifth Third Bancorp by 2.3% in the fourth quarter. Gotham Asset Management LLC now owns 14,110 shares of the financial services provider’s stock worth $597,000 after buying an additional 316 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FITB shares. Truist Financial upped their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Friday. DA Davidson raised shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price objective for the company from $42.00 to $47.00 in a report on Monday, June 9th. Jefferies Financial Group started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, May 21st. They set a “buy” rating and a $47.00 target price for the company. Finally, Wells Fargo & Company boosted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $48.33.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $45.36 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50 day simple moving average of $43.53 and a two-hundred day simple moving average of $40.07. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a market capitalization of $30.02 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 1.45 and a beta of 0.93.

Fifth Third Bancorp declared that its Board of Directors has authorized a share repurchase program 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 programs are often an indication that the company’s leadership believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.40 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is currently 45.96%.

Fifth Third Bancorp 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.