Visionary Horizons LLC Invests $575,000 in Fifth Third Bancorp (NASDAQ:FITB)

Visionary Horizons LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 14,665 shares of the financial services provider’s stock, valued at approximately $575,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 21,586,847 shares of the financial services provider’s stock worth $912,692,000 after buying an additional 812,385 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Fifth Third Bancorp by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 16,959,001 shares of the financial services provider’s stock worth $715,219,000 after acquiring an additional 285,910 shares during the last quarter. Boston Partners lifted its stake in shares of Fifth Third Bancorp by 6.2% during the fourth quarter. Boston Partners now owns 14,135,430 shares of the financial services provider’s stock valued at $597,692,000 after acquiring an additional 823,803 shares during the period. First Trust Advisors LP boosted its holdings in Fifth Third Bancorp by 12.1% in the fourth quarter. First Trust Advisors LP now owns 9,531,485 shares of the financial services provider’s stock valued at $402,991,000 after acquiring an additional 1,027,044 shares during the last quarter. Finally, Norges Bank acquired a new stake in Fifth Third Bancorp in the fourth quarter worth about $371,836,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the topic of several recent research reports. Barclays reduced their price target on Fifth Third Bancorp from $56.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Citigroup decreased their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Truist Financial lowered their price target on Fifth Third Bancorp from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Stephens reissued an “equal weight” rating and set a $51.00 price objective on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Finally, Baird R W upgraded shares of Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.53.

Fifth Third Bancorp Trading Up 0.5%

Shares of NASDAQ:FITB opened at $39.78 on Wednesday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07. The business has a 50 day moving average of $36.74 and a 200-day moving average of $40.83. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The stock has a market cap of $26.55 billion, a PE ratio of 12.67, a P/E/G ratio of 1.42 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter in the previous year, the firm posted $0.70 EPS. As a group, equities research analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.37 dividend. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 3.72%. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

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.