AlphaCore Capital LLC Takes $264,000 Position in Fifth Third Bancorp $FITB

AlphaCore Capital LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,414 shares of the financial services provider’s stock, valued at approximately $264,000.

Several other institutional investors have also modified their holdings of FITB. Tiemann Investment Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 3.9% in the second quarter. Tiemann Investment Advisors LLC now owns 6,700 shares of the financial services provider’s stock valued at $276,000 after purchasing an additional 250 shares in the last quarter. CENTRAL TRUST Co raised its holdings in shares of Fifth Third Bancorp by 4.1% in the second quarter. CENTRAL TRUST Co now owns 6,620 shares of the financial services provider’s stock worth $272,000 after acquiring an additional 260 shares during the last quarter. Harbour Investments Inc. lifted its position in shares of Fifth Third Bancorp by 11.9% in the second quarter. Harbour Investments Inc. now owns 2,481 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 263 shares in the last quarter. Moody National Bank Trust Division increased its position in Fifth Third Bancorp by 1.5% during the 2nd quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock worth $759,000 after purchasing an additional 271 shares in the last quarter. Finally, Cullen Frost Bankers Inc. raised its stake in Fifth Third Bancorp by 6.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 4,290 shares of the financial services provider’s stock valued at $176,000 after purchasing an additional 276 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB opened at $42.33 on Tuesday. The company has a market capitalization of $27.98 billion, a P/E ratio of 12.64, a PEG ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a 50-day moving average of $43.09 and a 200-day moving average of $42.18. 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 (NASDAQ:FITB) last released its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the previous year, the firm posted $0.78 EPS. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Insider Activity

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director directly owned 84,942 shares in the company, valued at approximately $3,501,309.24. This represents a 3.66% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FITB. Wolfe Research raised their price target on Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. Evercore ISI decreased their target price on shares of Fifth Third Bancorp from $49.00 to $47.00 in a research report on Thursday, October 30th. Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 7th. TD Cowen increased their price target on shares of Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $50.35.

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.