1832 Asset Management L.P. Boosts Stock Position in Fifth Third Bancorp $FITB

1832 Asset Management L.P. boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 46.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,602 shares of the financial services provider’s stock after acquiring an additional 20,519 shares during the quarter. 1832 Asset Management L.P.’s holdings in Fifth Third Bancorp were worth $2,657,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Activest Wealth Management lifted its position in shares of Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 626 shares in the last quarter. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. GoalVest Advisory LLC lifted its holdings in Fifth Third Bancorp by 246.3% during the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after buying an additional 532 shares in the last quarter. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $32,000. Finally, BankPlus Trust Department grew its stake in shares of Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 290 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The stock was purchased at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the transaction, the director directly owned 84,942 shares in the company, valued at $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.53% of the stock is owned by insiders.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $45.42 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $47.69. The company has a market capitalization of $30.02 billion, a PE ratio of 13.56, a P/E/G ratio of 0.92 and a beta of 0.99. The company has a fifty day moving average of $42.84 and a two-hundred day moving average of $42.44.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The business had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%. As a group, analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is 47.76%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Janney Montgomery Scott lifted their target price on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Jefferies Financial Group increased their price target on Fifth Third Bancorp from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Wolfe Research boosted their price objective on Fifth Third Bancorp from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Monday, October 20th. Finally, TD Cowen raised their target price on shares of Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $50.75.

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.