Elo Mutual Pension Insurance Co Boosts Holdings in Fifth Third Bancorp $FITB

Elo Mutual Pension Insurance Co lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 142.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 46,809 shares of the financial services provider’s stock after purchasing an additional 27,491 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Fifth Third Bancorp were worth $2,085,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Evolution Wealth Management Inc. purchased a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $26,000. Westside Investment Management Inc. raised its stake in shares of 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 acquiring an additional 292 shares in the last quarter. United Community Bank boosted its holdings in Fifth Third Bancorp by 581.0% in the third quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 581 shares during the period. Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp in the second quarter valued at $32,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Fifth Third Bancorp during the 2nd quarter worth $48,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FITB. Stephens increased their price target on Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. TD Cowen restated a “buy” rating and set a $60.00 target price on shares of Fifth Third Bancorp in a research note on Tuesday, February 3rd. Truist Financial raised their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 26th. Jefferies Financial Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, December 19th. Finally, Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Seventeen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.91.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $49.54 on Thursday. The company has a market capitalization of $32.75 billion, a price-to-earnings ratio of 13.99, a price-to-earnings-growth ratio of 1.01 and a beta of 0.96. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. The stock has a 50 day moving average price of $50.68 and a 200 day moving average price of $46.48.

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

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s payout ratio is 45.20%.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the transaction, the executive vice president owned 129,191 shares of the company’s stock, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.53% of the stock is owned by corporate insiders.

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.