CreativeOne Wealth LLC Raises Stake in Fifth Third Bancorp $FITB

CreativeOne Wealth LLC raised its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 48.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,711 shares of the financial services provider’s stock after purchasing an additional 4,133 shares during the quarter. CreativeOne Wealth LLC’s holdings in Fifth Third Bancorp were worth $523,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Assetmark Inc. raised its stake in Fifth Third Bancorp by 8.9% during the 1st quarter. Assetmark Inc. now owns 13,742 shares of the financial services provider’s stock valued at $539,000 after acquiring an additional 1,125 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Fifth Third Bancorp by 3.0% in the first quarter. Mackenzie Financial Corp now owns 83,939 shares of the financial services provider’s stock valued at $3,290,000 after purchasing an additional 2,478 shares during the period. Federated Hermes Inc. increased its holdings in shares of Fifth Third Bancorp by 10.7% in the first quarter. Federated Hermes Inc. now owns 63,679 shares of the financial services provider’s stock valued at $2,496,000 after purchasing an additional 6,164 shares during the period. Banque Cantonale Vaudoise purchased a new stake in shares of Fifth Third Bancorp during the first quarter worth approximately $468,000. Finally, Arkadios Wealth Advisors lifted its holdings in shares of Fifth Third Bancorp by 19.4% during the first quarter. Arkadios Wealth Advisors now owns 8,419 shares of the financial services provider’s stock worth $330,000 after purchasing an additional 1,366 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.2%

Shares of FITB opened at $43.44 on Friday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $48.50. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $28.71 billion, a P/E ratio of 12.97, a PEG ratio of 1.14 and a beta of 0.98. The firm’s 50-day moving average is $42.89 and its two-hundred day moving average is $42.28.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.34 billion. During the same quarter in the previous year, the company earned $0.78 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given 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 3.7%. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FITB shares. The Goldman Sachs Group upped their price objective on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, October 3rd. Evercore ISI dropped their price target on shares of Fifth Third Bancorp from $49.00 to $47.00 in a research note on Thursday, October 30th. Janney Montgomery Scott raised their price objective on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, October 7th. Finally, Wolfe Research increased their target price 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $50.35.

Insider Activity

In other Fifth Third Bancorp news, Director Evan Bayh acquired 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the transaction, the director directly owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by company insiders.

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.