Wealth Dimensions Group Ltd. Cuts Position in Fifth Third Bancorp $FITB

Wealth Dimensions Group Ltd. reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 40.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 40,970 shares of the financial services provider’s stock after selling 28,237 shares during the period. Wealth Dimensions Group Ltd.’s holdings in Fifth Third Bancorp were worth $1,825,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in FITB. Generali Asset Management SPA SGR purchased a new position in Fifth Third Bancorp in the 3rd quarter valued at approximately $1,314,000. Allspring Global Investments Holdings LLC increased its position in shares of 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 buying an additional 654,746 shares in the last quarter. Huntington National Bank increased its position in shares of Fifth Third Bancorp by 10.9% in the second quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock valued at $4,986,000 after buying an additional 11,935 shares in the last quarter. Baird Financial Group Inc. raised its stake in shares of Fifth Third Bancorp by 11.4% during the 2nd quarter. Baird Financial Group Inc. now owns 748,735 shares of the financial services provider’s stock worth $30,795,000 after buying an additional 76,582 shares during the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Fifth Third Bancorp by 103.0% in the 2nd quarter. Nordea Investment Management AB now owns 1,354,288 shares of the financial services provider’s stock worth $56,095,000 after buying an additional 687,275 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the sale, the executive vice president owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

FITB has been the subject of several recent research reports. Truist Financial raised their target price on shares of Fifth Third Bancorp from $50.00 to $55.00 and gave the company a “buy” rating in a report on Monday, December 22nd. Morgan Stanley set a $60.00 price objective on shares of Fifth Third Bancorp and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Citigroup restated a “neutral” rating on shares of Fifth Third Bancorp in a research report on Friday. DA Davidson increased their target price on Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Finally, Jefferies Financial Group raised their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.06.

Fifth Third Bancorp Stock Down 3.7%

Shares of NASDAQ FITB opened at $50.89 on Friday. The firm has a market cap of $33.64 billion, a P/E ratio of 14.38, a price-to-earnings-growth ratio of 1.13 and a beta of 0.97. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $53.33. The firm’s 50 day moving average price is $46.67 and its 200 day moving average price is $44.55.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Tuesday, January 20th. The financial services provider reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.08. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%.The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period in the previous year, the firm posted $0.85 EPS. Fifth Third Bancorp’s revenue was up 63.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.