Joseph Group Capital Management Acquires 12,430 Shares of Fifth Third Bancorp $FITB

Joseph Group Capital Management increased its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 16.8% during the second quarter, HoldingsChannel reports. The fund owned 86,521 shares of the financial services provider’s stock after acquiring an additional 12,430 shares during the quarter. Fifth Third Bancorp makes up about 1.2% of Joseph Group Capital Management’s portfolio, making the stock its 29th biggest holding. Joseph Group Capital Management’s holdings in Fifth Third Bancorp were worth $3,559,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Banque Transatlantique SA bought a new position in shares of Fifth Third Bancorp during the 1st quarter worth about $27,000. Activest Wealth Management lifted its stake in shares of Fifth Third Bancorp by 1,043.3% in the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock valued at $28,000 after buying an additional 626 shares during the period. Larson Financial Group LLC grew its position in Fifth Third Bancorp by 91.3% during the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after buying an additional 357 shares in the last quarter. GoalVest Advisory LLC increased its stake in Fifth Third Bancorp by 246.3% during the second 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 during the period. Finally, Legacy Investment Solutions LLC acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $32,000. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FITB. Truist Financial upped their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday, October 7th. Piper Sandler decreased their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Citigroup upped their target price 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. Finally, Robert W. Baird raised their price target on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a research note on Thursday, October 2nd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $50.35.

Insiders Place Their Bets

In other news, Director Evan Bayh acquired 3,000 shares of Fifth Third Bancorp stock in a transaction on Monday, October 20th. The shares were purchased at an average price of $41.22 per share, with a total value of $123,660.00. Following the acquisition, the director owned 84,942 shares in the company, valued at $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is owned by company insiders.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $42.87 on Monday. The business’s fifty day moving average is $43.83 and its two-hundred day moving average is $41.72. 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 firm has a market cap of $28.34 billion, a P/E ratio of 12.80, a P/E/G ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the company posted $0.78 EPS. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities research analysts forecast 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 $0.40 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.7%. Fifth Third Bancorp’s dividend payout ratio is presently 47.76%.

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.