ABN Amro Investment Solutions Raises Position in Fifth Third Bancorp $FITB

ABN Amro Investment Solutions increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 11.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 130,785 shares of the financial services provider’s stock after purchasing an additional 12,966 shares during the quarter. ABN Amro Investment Solutions’ holdings in Fifth Third Bancorp were worth $6,076,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of FITB. Vanguard Group Inc. lifted its holdings in Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after purchasing an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of 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 purchasing an additional 10,444,799 shares in the last quarter. Capital World Investors increased its stake in shares of 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 purchasing an additional 1,719,361 shares in the last quarter. State Street Corp raised its position in shares of Fifth Third Bancorp by 0.3% in the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock valued at $1,484,021,000 after purchasing an additional 101,245 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Fifth Third Bancorp by 2.3% in 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 purchasing an additional 530,489 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $57.77 on Thursday. The firm has a market capitalization of $52.36 billion, a P/E ratio of 19.39, a P/E/G ratio of 1.09 and a beta of 0.90. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The stock’s 50-day simple moving average is $53.58 and its two-hundred day simple moving average is $50.85. 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 net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the business posted $0.88 EPS. The business’s revenue was up 45.8% compared to the same quarter last year. As a group, equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. 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 payout ratio is currently 54.61%.

Insider Activity

In related news, EVP Peter L. Sefzik sold 20,000 shares of the company’s 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 completion of the transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.51% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Zacks Research cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Wells Fargo & Company boosted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Finally, Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $60.20.

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.