Checchi Capital Advisers LLC Grows Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Checchi Capital Advisers LLC increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITBGet Rating) by 9.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,898 shares of the financial services provider’s stock after buying an additional 706 shares during the period. Checchi Capital Advisers LLC’s holdings in Fifth Third Bancorp were worth $269,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Trust Asset Management LLC lifted its holdings in shares of Fifth Third Bancorp by 4.1% in the second quarter. Trust Asset Management LLC now owns 7,202 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 281 shares in the last quarter. Heartland Bank & Trust Co lifted its holdings in shares of Fifth Third Bancorp by 4.2% in the second quarter. Heartland Bank & Trust Co now owns 7,392 shares of the financial services provider’s stock valued at $248,000 after purchasing an additional 296 shares in the last quarter. Elo Mutual Pension Insurance Co lifted its holdings in shares of Fifth Third Bancorp by 0.6% in the first quarter. Elo Mutual Pension Insurance Co now owns 53,776 shares of the financial services provider’s stock valued at $2,315,000 after purchasing an additional 316 shares in the last quarter. NorthRock Partners LLC lifted its holdings in shares of Fifth Third Bancorp by 5.5% in the first quarter. NorthRock Partners LLC now owns 6,941 shares of the financial services provider’s stock valued at $299,000 after purchasing an additional 359 shares in the last quarter. Finally, Capital Asset Advisory Services LLC lifted its holdings in shares of Fifth Third Bancorp by 2.7% in the second quarter. Capital Asset Advisory Services LLC now owns 14,260 shares of the financial services provider’s stock valued at $483,000 after purchasing an additional 369 shares in the last quarter. Hedge funds and other institutional investors own 81.33% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of several recent research reports. Wedbush reaffirmed an “outperform” rating and issued a $39.00 price target on shares of Fifth Third Bancorp in a report on Wednesday, September 28th. StockNews.com started coverage on shares of Fifth Third Bancorp in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Morgan Stanley cut their price objective on shares of Fifth Third Bancorp from $40.00 to $37.00 and set an “equal weight” rating for the company in a research report on Monday, October 24th. JPMorgan Chase & Co. boosted their price objective on shares of Fifth Third Bancorp from $37.50 to $39.00 in a research report on Wednesday, November 2nd. Finally, Piper Sandler cut their price objective on shares of Fifth Third Bancorp to $38.00 in a research report on Thursday, September 29th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $42.43.

Fifth Third Bancorp Price Performance

FITB opened at $36.33 on Thursday. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.80. Fifth Third Bancorp has a 52-week low of $30.92 and a 52-week high of $50.64. The company has a 50 day moving average of $34.37 and a two-hundred day moving average of $35.01. The company has a market cap of $24.94 billion, a P/E ratio of 11.18, a P/E/G ratio of 1.28 and a beta of 1.21.

Fifth Third Bancorp (NASDAQ:FITBGet Rating) last released its quarterly earnings data on Thursday, October 20th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.07). Fifth Third Bancorp had a return on equity of 13.98% and a net margin of 27.47%. During the same quarter in the previous year, the company earned $0.94 EPS. On average, analysts expect that Fifth Third Bancorp will post 3.45 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 17th. Shareholders of record on Friday, September 30th were paid a dividend of $0.33 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Thursday, September 29th. Fifth Third Bancorp’s payout ratio is currently 40.62%.

Insiders Place Their Bets

In other news, EVP Robert P. Shaffer sold 10,209 shares of the company’s stock in a transaction on Thursday, October 27th. The shares were sold at an average price of $35.76, for a total value of $365,073.84. Following the completion of the transaction, the executive vice president now directly owns 69,534 shares in the company, valued at $2,486,535.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Robert P. Shaffer sold 10,209 shares of the company’s stock in a transaction on Thursday, October 27th. The shares were sold at an average price of $35.76, for a total value of $365,073.84. Following the completion of the transaction, the executive vice president now directly owns 69,534 shares in the company, valued at $2,486,535.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mitchell Feiger sold 8,734 shares of the company’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $35.20, for a total transaction of $307,436.80. Following the completion of the transaction, the director now owns 11,030 shares of the company’s stock, valued at $388,256. The disclosure for this sale can be found here. 0.67% of the stock is owned by insiders.

Fifth Third Bancorp Profile

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Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

See Also

Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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