Meyer Handelman Co. Makes New $1.17 Million Investment in Fifth Third Bancorp $FITB

Meyer Handelman Co. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 25,171 shares of the financial services provider’s stock, valued at approximately $1,169,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC boosted its position in shares of Fifth Third Bancorp by 7.1% in the 1st quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after buying an additional 916 shares in the last quarter. Woodline Partners LP increased its holdings in Fifth Third Bancorp by 40.5% during the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after acquiring an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 759 shares during the last quarter. Brown Advisory Inc. raised its position in Fifth Third Bancorp by 5.0% during the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after acquiring an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at about $968,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on FITB shares. Wolfe Research lowered their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 1st. Morgan Stanley cut their price objective on Fifth Third Bancorp from $67.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Truist Financial upped their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday. Evercore increased their target price on Fifth Third Bancorp from $53.00 to $58.00 in a report on Wednesday. Finally, DA Davidson reissued a “buy” rating and set a $58.00 price target on shares of Fifth Third Bancorp in a research report on Monday, April 20th. Sixteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.74.

Fifth Third Bancorp Stock Up 0.1%

Shares of NASDAQ:FITB opened at $56.47 on Friday. The stock’s 50-day moving average price is $50.90 and its two-hundred day moving average price is $49.59. 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 $56.77. 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.

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

Fifth Third Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be 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 is Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 53.69%.

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.