Investors Asset Management of Georgia Inc. GA ADV Has $534,000 Holdings in Fifth Third Bancorp $FITB

Investors Asset Management of Georgia Inc. GA ADV raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 21.8% during the 2nd quarter, HoldingsChannel reports. The fund owned 12,975 shares of the financial services provider’s stock after purchasing an additional 2,325 shares during the period. Investors Asset Management of Georgia Inc. GA ADV’s holdings in Fifth Third Bancorp were worth $534,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. HWG Holdings LP purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $27,000. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp in the 1st quarter worth approximately $27,000. Larson Financial Group LLC boosted its stake in shares of Fifth Third Bancorp by 91.3% during the 1st quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after buying an additional 357 shares during the period. Grove Bank & Trust grew its holdings in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 335 shares in the last quarter. Finally, Citizens National Bank Trust Department purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at $39,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FITB. Morgan Stanley increased their price objective on Fifth Third Bancorp from $47.00 to $56.00 and gave the stock an “underperform” rating in a report on Monday, September 29th. Evercore ISI upped their target price on Fifth Third Bancorp from $45.00 to $49.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Truist Financial raised 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. DA Davidson raised Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and boosted their price target for the company from $42.00 to $47.00 in a research note on Monday, June 9th. Finally, Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.47.

Fifth Third Bancorp Trading Up 0.4%

Fifth Third Bancorp stock opened at $44.41 on Monday. The business has a 50 day moving average price of $44.10 and a two-hundred day moving average price of $40.61. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.76. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The stock has a market cap of $29.39 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.42 and a beta of 0.95.

Fifth Third Bancorp Increases Dividend

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

Fifth Third Bancorp declared that its Board of Directors has initiated a share repurchase plan on Monday, June 16th that allows the company to repurchase 100,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.