Fifth Third Bancorp $FITB Shares Purchased by Prudential Financial Inc.

Prudential Financial Inc. boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.1% during the second quarter, Holdings Channel reports. The firm owned 400,019 shares of the financial services provider’s stock after buying an additional 12,163 shares during the quarter. Prudential Financial Inc.’s holdings in Fifth Third Bancorp were worth $16,453,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Activest Wealth Management boosted its position in shares of Fifth Third Bancorp by 1,043.3% in the 2nd quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after buying an additional 626 shares in the last quarter. Banque Transatlantique SA purchased a new position in Fifth Third Bancorp during the 1st quarter valued at about $27,000. GoalVest Advisory LLC increased its holdings in Fifth Third Bancorp by 246.3% during the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 532 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Fifth Third Bancorp during the second quarter worth about $32,000. Finally, BankPlus Trust Department lifted its holdings in shares of Fifth Third Bancorp by 53.0% in the second quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 290 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In related news, Director Evan Bayh bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the transaction, the director owned 84,942 shares of the company’s stock, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Fifth Third Bancorp Trading Up 0.1%

Shares of Fifth Third Bancorp stock opened at $43.33 on Thursday. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $48.88. The business’s fifty day moving average is $43.01 and its two-hundred day moving average is $42.23. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. The firm has a market cap of $28.64 billion, a PE ratio of 12.93, a P/E/G ratio of 1.14 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data 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 return on equity of 13.41% and a net margin of 18.67%.The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the previous year, the business earned $0.78 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. Analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.7%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio is currently 47.76%.

Wall Street Analysts Forecast Growth

FITB has been the topic of several research reports. Argus increased their price target on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday, October 7th. Piper Sandler reduced their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Citigroup raised their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 23rd. Stephens set a $52.00 price objective on Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Finally, Evercore ISI decreased their price objective on Fifth Third Bancorp from $49.00 to $47.00 in a research note on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $50.35.

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.