22,273 Shares in Fifth Third Bancorp $FITB Acquired by Shakespeare Wealth Management LLC

Shakespeare Wealth Management LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, HoldingsChannel.com reports. The fund acquired 22,273 shares of the financial services provider’s stock, valued at approximately $1,127,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Basecamp Wealth Advisors LLC grew its stake in Fifth Third Bancorp by 5.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock valued at $180,000 after buying an additional 201 shares in the last quarter. Legacy Wealth Managment LLC ID lifted its position in shares of Fifth Third Bancorp by 19.2% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after acquiring an additional 212 shares in the last quarter. CFS Investment Advisory Services LLC lifted its position in shares of Fifth Third Bancorp by 2.0% during the third quarter. CFS Investment Advisory Services LLC now owns 11,563 shares of the financial services provider’s stock worth $590,000 after acquiring an additional 223 shares in the last quarter. SouthState Bank Corp lifted its position in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Finally, 55 North Private Wealth LLC boosted its holdings in shares of Fifth Third Bancorp by 7.0% in the third quarter. 55 North Private Wealth LLC now owns 4,044 shares of the financial services provider’s stock worth $205,000 after acquiring an additional 264 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Down 0.1%

Fifth Third Bancorp stock opened at $53.54 on Thursday. The stock has a market cap of $48.55 billion, a P/E ratio of 17.97, a PEG ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a fifty-two week low of $40.68 and a fifty-two week high of $59.50. The firm’s fifty day moving average price is $52.77 and its 200-day moving average price is $51.97. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The firm’s revenue was up 42.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.91 earnings per share. Equities research analysts forecast that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a $0.42 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio is currently 57.53%.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $53.14, for a total value of $1,062,800.00. Following the transaction, the executive vice president directly owned 121,460 shares in the company, valued at approximately $6,454,384.40. This represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.51% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FITB shares. JPMorgan Chase & Co. reduced their price target on Fifth Third Bancorp from $62.00 to $58.00 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Bank of America increased their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Royal Bank Of Canada dropped their price objective on Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating on the stock in a report on Tuesday, October 20th. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Finally, Jefferies Financial Group reduced their target price on Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating for the company in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average target price of $60.77.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.