18,818 Shares in Fifth Third Bancorp $FITB Bought by Fiduciary Alliance LLC

Fiduciary Alliance LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, Holdings Channel reports. The institutional investor bought 18,818 shares of the financial services provider’s stock, valued at approximately $938,000.

A number of other hedge funds have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $649,264,000. Price T Rowe Associates Inc. MD grew its holdings in Fifth Third Bancorp by 41.6% during the 4th 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 acquiring an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC grew its holdings in Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock worth $140,993,000 after acquiring an additional 2,644,332 shares during the last quarter. Invesco Ltd. increased its position in Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after acquiring an additional 2,574,712 shares during the period. Finally, Bank of America Corp DE increased its position in Fifth Third Bancorp by 16.7% in the 3rd quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after acquiring an additional 2,293,939 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on FITB. JPMorgan Chase & Co. lifted their price target on shares of Fifth Third Bancorp from $53.00 to $54.50 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Jefferies Financial Group upped their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, April 8th. Morgan Stanley decreased their price target on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, March 31st. Finally, Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Sixteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $57.74.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares of the company’s stock, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares in the company, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB stock opened at $56.47 on Friday. 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 firm has a market cap of $51.18 billion, a price-to-earnings ratio of 18.95, a PEG ratio of 1.09 and a beta of 0.92. The company’s fifty day simple moving average is $50.90 and its 200 day simple moving average is $49.59. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $56.77.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.During the same period last year, the company posted $0.71 EPS. On average, analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

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.