Renasant Bank Buys Shares of 23,377 Fifth Third Bancorp $FITB

Renasant Bank bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 23,377 shares of the financial services provider’s stock, valued at approximately $961,000.

Other hedge funds have also made changes to their positions in the company. Allworth Financial LP grew its stake in Fifth Third Bancorp by 28.7% during the 1st quarter. Allworth Financial LP now owns 9,725 shares of the financial services provider’s stock worth $348,000 after buying an additional 2,166 shares during the last quarter. Ballentine Partners LLC boosted its holdings in shares of Fifth Third Bancorp by 4.4% during the first quarter. Ballentine Partners LLC now owns 15,395 shares of the financial services provider’s stock valued at $603,000 after acquiring an additional 652 shares during the period. New York State Common Retirement Fund grew its position in shares of Fifth Third Bancorp by 3.0% during the first quarter. New York State Common Retirement Fund now owns 407,681 shares of the financial services provider’s stock worth $15,981,000 after acquiring an additional 11,800 shares during the last quarter. Edgestream Partners L.P. grew its position in shares of Fifth Third Bancorp by 1,038.0% during the first quarter. Edgestream Partners L.P. now owns 55,057 shares of the financial services provider’s stock worth $2,158,000 after acquiring an additional 50,219 shares during the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter worth about $353,000. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the topic of several analyst reports. Argus raised their price target on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research note on Tuesday, October 7th. Evercore ISI lowered their target price on Fifth Third Bancorp from $49.00 to $47.00 in a research report on Thursday, October 30th. Piper Sandler reduced their price target on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. UBS Group increased their price target on Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 7th. Finally, Robert W. Baird raised their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.35.

Insider Activity at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average cost of $41.22 per share, with a total value of $123,660.00. Following the completion of the purchase, the director directly owned 84,942 shares in the company, valued at approximately $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 0.53% of the stock is owned by insiders.

Fifth Third Bancorp Stock Down 0.3%

Shares of FITB stock opened at $42.99 on Wednesday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. 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 business’s fifty day moving average is $43.73 and its 200-day moving average is $41.83. The stock has a market cap of $28.42 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results 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. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the business posted $0.78 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 annualized dividend 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 presently 47.76%.

Fifth Third Bancorp 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.