Access Investment Management LLC Takes $6.30 Million Position in Fifth Third Bancorp $FITB

Access Investment Management LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 153,100 shares of the financial services provider’s stock, valued at approximately $6,297,000. Fifth Third Bancorp makes up approximately 1.8% of Access Investment Management LLC’s investment portfolio, making the stock its 20th biggest position.

Several other large investors also recently modified their holdings of the stock. Private Trust Co. NA boosted its holdings in shares of Fifth Third Bancorp by 18.2% in the 1st quarter. Private Trust Co. NA now owns 3,217 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 496 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in Fifth Third Bancorp by 1,448.6% during the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider’s stock worth $3,845,000 after buying an additional 91,754 shares during the period. Principal Financial Group Inc. increased its position in shares of Fifth Third Bancorp by 1.6% during the first quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock worth $32,088,000 after buying an additional 12,905 shares during the period. D.A. Davidson & CO. lifted its stake in Fifth Third Bancorp by 8.2% in the first quarter. D.A. Davidson & CO. now owns 40,638 shares of the financial services provider’s stock valued at $1,593,000 after buying an additional 3,079 shares during the period. Finally, OneDigital Investment Advisors LLC lifted its position in shares of Fifth Third Bancorp by 10.6% during the 1st quarter. OneDigital Investment Advisors LLC now owns 22,648 shares of the financial services provider’s stock valued at $888,000 after acquiring an additional 2,169 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on FITB shares. Piper Sandler lowered their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Truist Financial increased their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. The Goldman Sachs Group lifted their price target on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Fifth Third Bancorp in a research note on Wednesday, October 8th. Finally, TD Cowen boosted their target price on Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.35.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $41.62 on Monday. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The stock’s 50 day simple moving average is $44.13 and its two-hundred day simple moving average is $41.44. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $27.55 billion, a price-to-earnings ratio of 12.42, a PEG ratio of 1.14 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the previous year, the business posted $0.78 EPS. The company’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $0.40 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. Fifth Third Bancorp’s dividend payout ratio is 47.76%.

Insider Buying and Selling

In related news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 20th. The stock was purchased at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the acquisition, the director directly owned 84,942 shares of the company’s stock, valued at $3,501,309.24. The trade was a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.53% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.