Fifth Third Bancorp $FITB Shares Acquired by VCI Wealth Management LLC

VCI Wealth Management LLC lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 13.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,986 shares of the financial services provider’s stock after purchasing an additional 4,025 shares during the period. VCI Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $1,357,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 6.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after purchasing an additional 1,321,554 shares during the last quarter. Invesco Ltd. lifted its holdings in Fifth Third Bancorp by 5.1% in the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after acquiring an additional 862,374 shares during the last quarter. Nuveen LLC acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $334,805,000. Allspring Global Investments Holdings LLC lifted its holdings in Fifth Third Bancorp by 8.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock valued at $346,326,000 after acquiring an additional 654,746 shares during the last quarter. Finally, Royal Bank of Canada lifted its holdings in Fifth Third Bancorp by 4.5% in the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock valued at $255,196,000 after acquiring an additional 279,669 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FITB. TD Cowen upped their price objective on Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a report on Monday. Argus upped their price objective on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. Keefe, Bruyette & Woods upped their price objective on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, October 7th. Robert W. Baird upped their price objective on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Finally, Piper Sandler decreased their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. One investment 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $50.45.

Fifth Third Bancorp Stock Up 2.2%

Shares of NASDAQ FITB opened at $41.80 on Tuesday. The firm has a market cap of $27.67 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 1.11 and a beta of 0.95. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The business’s 50 day moving average is $44.30 and its two-hundred day moving average is $40.91.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.78 earnings per share. Research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.8%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 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.