25,549 Shares in Fifth Third Bancorp $FITB Purchased by Blue Chip Partners LLC

Blue Chip Partners LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,549 shares of the financial services provider’s stock, valued at approximately $1,187,000.

Several other hedge funds and other institutional investors have also bought and sold shares of FITB. Vanguard Group Inc. grew its stake in Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after buying an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after acquiring an additional 10,444,799 shares in the last quarter. Capital World Investors boosted its holdings in Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares in the last quarter. State Street Corp grew its stake in shares of Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after acquiring an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock valued at $1,120,586,000 after acquiring an additional 530,489 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $57.41 on Monday. The stock has a fifty day simple moving average of $53.97 and a 200-day simple moving average of $50.98. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock has a market cap of $52.03 billion, a PE ratio of 19.27, a P/E/G ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter last year, the company earned $0.88 earnings per share. The firm’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is presently 54.61%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on FITB shares. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Zacks Research downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Jefferies Financial Group raised their target price on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 8th. Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Finally, JPMorgan Chase & Co. increased their price objective on Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.49.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.