PCA Investment Advisory Services Inc. Buys New Position in Fifth Third Bancorp $FITB

PCA Investment Advisory Services Inc. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,215 shares of the financial services provider’s stock, valued at approximately $667,000.

Several other institutional investors have also added to or reduced their stakes in FITB. Nuveen LLC bought a new stake in Fifth Third Bancorp in the first quarter valued at approximately $334,805,000. Massachusetts Financial Services Co. MA acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $113,900,000. Charles Schwab Investment Management Inc. lifted its stake in Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after buying an additional 1,321,554 shares during the period. Alecta Tjanstepension Omsesidigt acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $40,989,000. Finally, Invesco Ltd. lifted its stake 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 buying an additional 862,374 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Insider Transactions at Fifth Third Bancorp

In related news, Director Evan Bayh purchased 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the acquisition, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This represents a 3.66% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of several recent analyst reports. Truist Financial boosted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Evercore ISI boosted their price target on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. TD Cowen boosted their price target on Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Citigroup boosted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Finally, DA Davidson boosted their price target on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.45.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $42.28 on Wednesday. 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 twelve month low of $32.25 and a twelve month high of $49.07. The stock’s 50 day moving average is $44.23 and its 200-day moving average is $41.24. The firm has a market capitalization of $27.98 billion, a price-to-earnings ratio of 12.62, a PEG ratio of 1.15 and a beta of 0.95.

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

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.8%. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 47.76%.

About Fifth Third Bancorp

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.