Gradient Investments LLC increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 17.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 349,986 shares of the financial services provider’s stock after buying an additional 51,819 shares during the quarter. Gradient Investments LLC owned about 0.05% of Fifth Third Bancorp worth $11,760,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Northern Oak Wealth Management Inc. raised its stake in Fifth Third Bancorp by 12.0% during the 4th quarter. Northern Oak Wealth Management Inc. now owns 1,948 shares of the financial services provider’s stock worth $85,000 after buying an additional 208 shares during the period. West Oak Capital LLC raised its stake in shares of Fifth Third Bancorp by 20.8% in the first quarter. West Oak Capital LLC now owns 1,450 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 250 shares during the last quarter. Concord Wealth Partners raised its stake in shares of Fifth Third Bancorp by 9.3% in the first quarter. Concord Wealth Partners now owns 3,093 shares of the financial services provider’s stock worth $133,000 after purchasing an additional 264 shares during the last quarter. CVA Family Office LLC raised its stake in shares of Fifth Third Bancorp by 19.4% in the first quarter. CVA Family Office LLC now owns 1,659 shares of the financial services provider’s stock worth $71,000 after purchasing an additional 270 shares during the last quarter. Finally, Stratos Wealth Advisors LLC raised its stake in shares of Fifth Third Bancorp by 1.4% in the first quarter. Stratos Wealth Advisors LLC now owns 20,738 shares of the financial services provider’s stock worth $893,000 after purchasing an additional 287 shares during the last quarter. 81.33% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts have recently commented on the company. Barclays lowered their price objective on Fifth Third Bancorp from $57.00 to $53.00 and set an “overweight” rating for the company in a research note on Friday, July 22nd. Robert W. Baird raised shares of Fifth Third Bancorp from a “neutral” rating to an “outperform” rating and set a $44.00 price objective for the company in a research report on Friday, June 17th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Fifth Third Bancorp from $46.00 to $44.00 and set a “hold” rating on the stock in a research report on Monday, September 12th. Jefferies Financial Group reduced their target price on Fifth Third Bancorp from $47.00 to $39.00 in a report on Monday, July 11th. Finally, Morgan Stanley decreased their price target on Fifth Third Bancorp from $50.00 to $43.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 12th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $45.47.
Insider Activity
In related news, Director Mitchell Feiger sold 8,734 shares of the stock in a transaction on Friday, August 26th. The shares were sold at an average price of $35.20, for a total transaction of $307,436.80. Following the transaction, the director now owns 11,030 shares of the company’s stock, valued at approximately $388,256. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.67% of the company’s stock.
Fifth Third Bancorp Price Performance
FITB opened at $35.03 on Monday. The firm has a 50-day moving average price of $34.80 and a 200-day moving average price of $37.64. Fifth Third Bancorp has a twelve month low of $31.80 and a twelve month high of $50.64. The company has a quick ratio of 0.75, a current ratio of 0.76 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $24.04 billion, a price-to-earnings ratio of 10.58, a PEG ratio of 1.20 and a beta of 1.25.
Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last posted its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.11). Fifth Third Bancorp had a net margin of 29.09% and a return on equity of 12.99%. During the same quarter in the prior year, the business posted $0.94 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.54 EPS for the current year.
Fifth Third Bancorp Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Thursday, September 29th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.30. Fifth Third Bancorp’s payout ratio is presently 36.25%.
Fifth Third Bancorp Profile
Fifth Third Bancorp operates as a diversified financial services company in the United States. The company’s Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.
See Also
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