Midwest Trust Co Purchases 16,296 Shares of Fifth Third Bancorp $FITB

Midwest Trust Co boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 6.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 286,050 shares of the financial services provider’s stock after acquiring an additional 16,296 shares during the quarter. Midwest Trust Co’s holdings in Fifth Third Bancorp were worth $12,744,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Evolution Wealth Management Inc. bought a new position in Fifth Third Bancorp during the second quarter worth about $26,000. Westside Investment Management Inc. raised its stake in Fifth Third Bancorp by 100.0% in the third quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock valued at $26,000 after buying an additional 292 shares during the period. Activest Wealth Management lifted its position in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after buying an additional 626 shares during the last quarter. United Community Bank boosted its stake in shares of Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 581 shares during the period. Finally, GoalVest Advisory LLC increased its holdings in shares of 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 acquiring an additional 532 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the transaction, the executive vice president owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB opened at $54.50 on Wednesday. The firm has a market cap of $36.03 billion, a P/E ratio of 15.40, a price-to-earnings-growth ratio of 1.10 and a beta of 0.99. The business’s fifty day moving average is $49.16 and its 200-day moving average is $45.40. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.36. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter. The firm had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. Sell-side analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were paid a $0.40 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Wall Street Analysts Forecast Growth

FITB has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Janney Montgomery Scott lifted their target price on shares of Fifth Third Bancorp from $51.00 to $56.25 and gave the stock a “buy” rating in a report on Wednesday, January 21st. Truist Financial upped their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Wolfe Research raised their price objective on shares of Fifth Third Bancorp from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Finally, TD Cowen reiterated a “buy” rating and set a $60.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $56.58.

About Fifth Third Bancorp

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.