NEOS Investment Management LLC Raises Stake in Fifth Third Bancorp $FITB

NEOS Investment Management LLC increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 45.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 91,788 shares of the financial services provider’s stock after buying an additional 28,731 shares during the period. NEOS Investment Management LLC’s holdings in Fifth Third Bancorp were worth $4,089,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. AE Wealth Management LLC grew its stake in Fifth Third Bancorp by 4.7% in the third quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock valued at $15,503,000 after purchasing an additional 15,627 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 2.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after buying an additional 48,080 shares during the last quarter. Generali Asset Management SPA SGR purchased a new stake in Fifth Third Bancorp during the third quarter valued at approximately $1,314,000. Intact Investment Management Inc. lifted its position in Fifth Third Bancorp by 24.5% during the third quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock valued at $5,319,000 after acquiring an additional 23,500 shares during the last quarter. Finally, Huntington National Bank boosted its stake in Fifth Third Bancorp by 10.9% in the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock valued at $4,986,000 after acquiring an additional 11,935 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Down 1.4%

Fifth Third Bancorp stock opened at $52.90 on Friday. The business’s 50-day moving average price is $50.18 and its 200 day moving average price is $45.90. 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 firm has a market cap of $34.97 billion, a price-to-earnings ratio of 14.94, a price-to-earnings-growth ratio of 1.09 and a beta of 0.99. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $55.44.

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

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $0.40 per share. 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 3.0%. Fifth Third Bancorp’s dividend payout ratio is 45.20%.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of recent analyst reports. Jefferies Financial Group upped their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Weiss Ratings lowered Fifth Third Bancorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, February 11th. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Wall Street Zen lowered Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, February 7th. Finally, Stephens upped their price objective on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus target price of $56.56.

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.