Eads & Heald Wealth Management Acquires 1,725 Shares of Fifth Third Bancorp $FITB

Eads & Heald Wealth Management boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 18.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,861 shares of the financial services provider’s stock after purchasing an additional 1,725 shares during the period. Eads & Heald Wealth Management’s holdings in Fifth Third Bancorp were worth $447,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FITB. Moody National Bank Trust Division grew its position in Fifth Third Bancorp by 1.5% during the 2nd quarter. Moody National Bank Trust Division now owns 18,456 shares of the financial services provider’s stock worth $759,000 after acquiring an additional 271 shares during the last quarter. Commerce Bank grew its holdings in shares of Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock worth $1,581,000 after purchasing an additional 282 shares during the last quarter. Orca Wealth Management LLC increased its stake in shares of Fifth Third Bancorp by 0.8% in the first quarter. Orca Wealth Management LLC now owns 35,296 shares of the financial services provider’s stock worth $1,384,000 after buying an additional 294 shares during the period. Meadow Creek Wealth Advisors LLC raised its holdings in Fifth Third Bancorp by 3.0% during the 1st quarter. Meadow Creek Wealth Advisors LLC now owns 10,451 shares of the financial services provider’s stock valued at $410,000 after buying an additional 300 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV boosted its position in Fifth Third Bancorp by 0.4% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 82,196 shares of the financial services provider’s stock valued at $3,222,000 after buying an additional 300 shares during the period. 83.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Citigroup upped their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, June 10th. Piper Sandler increased their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “overweight” rating in a report on Wednesday, September 10th. Robert W. Baird boosted their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, The Goldman Sachs Group upped their target price on Fifth Third Bancorp from $49.00 to $51.00 and gave the company a “buy” rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.47.

Fifth Third Bancorp Trading Up 0.4%

NASDAQ:FITB opened at $44.41 on Monday. The stock has a market cap of $29.39 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.42 and a beta of 0.95. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. The company’s 50 day moving average price is $44.10 and its 200-day moving average price is $40.61. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp announced that its board has approved a stock repurchase plan on Monday, June 16th that allows the company to buyback 100,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a $0.40 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.6%. The ex-dividend date is Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 49.69%.

Fifth Third Bancorp Company Profile

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.