Allworth Financial LP Buys 2,507 Shares of Fifth Third Bancorp $FITB

Allworth Financial LP raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 25.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,232 shares of the financial services provider’s stock after purchasing an additional 2,507 shares during the period. Allworth Financial LP’s holdings in Fifth Third Bancorp were worth $503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in Fifth Third Bancorp during the 1st quarter valued at $334,805,000. Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after buying an additional 1,321,554 shares in the last quarter. Alecta Tjanstepension Omsesidigt bought a new position in shares of Fifth Third Bancorp in the first quarter valued at about $40,989,000. Invesco Ltd. grew its holdings in Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after acquiring an additional 862,374 shares during the last quarter. Finally, Nordea Investment Management AB increased its position in Fifth Third Bancorp by 103.0% in the 2nd quarter. Nordea Investment Management AB now owns 1,354,288 shares of the financial services provider’s stock valued at $56,095,000 after acquiring an additional 687,275 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

FITB stock opened at $42.57 on Monday. The company has a market capitalization of $28.14 billion, a P/E ratio of 12.71, a PEG ratio of 1.14 and a beta of 0.98. The company has a fifty day moving average price of $43.54 and a 200-day moving average price of $41.97. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.Fifth Third Bancorp’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.78 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.40 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Insiders Place Their Bets

In other news, Director Evan Bayh bought 3,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $41.22 per share, with a total value of $123,660.00. Following the transaction, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Wall Street Zen raised shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. Stephens set a $52.00 target price on Fifth Third Bancorp and gave the company an “overweight” rating in a research note on Tuesday, October 14th. Citigroup upped their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group lifted their price objective on Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Finally, DA Davidson upped their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $50.35.

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.