Assetmark Inc. Purchases 9,808 Shares of Fifth Third Bancorp $FITB

Assetmark Inc. lifted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 25.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,754 shares of the financial services provider’s stock after buying an additional 9,808 shares during the quarter. Assetmark Inc.’s holdings in Fifth Third Bancorp were worth $2,219,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp during the 1st quarter worth $25,000. SouthState Bank Corp lifted its position in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 236 shares during the period. Monetary Solutions Ltd bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $29,000. Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter worth $30,000. Finally, Reflection Asset Management bought a new position in shares of Fifth Third Bancorp in the fourth quarter worth $30,000. Institutional investors own 83.79% of the company’s stock.

Insiders Place Their Bets

In other Fifth Third Bancorp 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 completion of the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Down 0.9%

FITB stock opened at $57.14 on Friday. The stock has a market capitalization of $51.79 billion, a P/E ratio of 19.17, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The firm has a 50-day moving average price of $53.77 and a 200-day moving average price of $50.92.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period last year, the business earned $0.88 EPS. As a group, equities research 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 declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 54.61%.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of analyst reports. Weiss Ratings raised Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a report on Monday, July 6th. UBS Group boosted their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Wall Street Zen raised shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Robert W. Baird increased their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $60.20.

Fifth Third Bancorp Company 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.