Vanguard Group Inc. Grows Position in Fifth Third Bancorp $FITB

Vanguard Group Inc. grew its stake in Fifth Third Bancorp (NASDAQ:FITB) by 1.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,849,824 shares of the financial services provider’s stock after acquiring an additional 1,301,624 shares during the quarter. Vanguard Group Inc. owned about 12.67% of Fifth Third Bancorp worth $3,448,743,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FITB. Allianz Asset Management GmbH lifted its stake in shares of Fifth Third Bancorp by 5.8% during the first quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after buying an additional 16,000 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Fifth Third Bancorp by 8.7% in the 2nd 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. Huntington National Bank raised its holdings in Fifth Third Bancorp by 10.9% in the 2nd quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock valued at $4,986,000 after acquiring an additional 11,935 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its stake in shares of Fifth Third Bancorp by 5.6% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 205,032 shares of the financial services provider’s stock worth $8,025,000 after purchasing an additional 10,826 shares during the period. Finally, Jump Financial LLC boosted its holdings in shares of Fifth Third Bancorp by 382.2% during the first quarter. Jump Financial LLC now owns 30,049 shares of the financial services provider’s stock worth $1,178,000 after purchasing an additional 23,817 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $41.28 on Friday. The company has a market cap of $27.29 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $49.07. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The stock’s 50-day moving average is $43.21 and its 200-day moving average is $42.03.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) 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 business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the previous year, the business earned $0.78 EPS. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. Equities analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is 47.76%.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the acquisition, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. The trade was a 3.66% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Piper Sandler dropped their target price on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Morgan Stanley set a $60.00 price target on Fifth Third Bancorp and gave the company an “overweight” rating in a report on Tuesday, October 7th. TD Cowen upped their price objective on shares of Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Truist Financial raised their target price on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, Argus boosted their target price on shares of Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $50.35.

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.