Fifth Third Bancorp $FITB Stock: Wealth Dimensions Group Ltd. Raises Position

Wealth Dimensions Group Ltd. raised its stake in Fifth Third Bancorp (NASDAQ:FITB) by 83.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,766 shares of the financial services provider’s stock after purchasing an additional 31,251 shares during the period. Fifth Third Bancorp comprises 0.6% of Wealth Dimensions Group Ltd.’s investment portfolio, making the stock its 24th biggest position. Wealth Dimensions Group Ltd.’s holdings in Fifth Third Bancorp were worth $3,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp acquired a new position in shares of Fifth Third Bancorp during the second quarter worth about $1,324,903,000. Bank of America Corp DE purchased a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $995,717,000. Legal & General Group Plc acquired a new stake in Fifth Third Bancorp in the second quarter valued at approximately $314,122,000. Wellington Management Group LLP raised its holdings in Fifth Third Bancorp by 20.2% in the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after acquiring an additional 3,972,795 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in Fifth Third Bancorp during the 2nd quarter worth approximately $145,232,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the completion of the sale, the executive vice president owned 121,460 shares in the company, valued at approximately $6,454,384.40. The trade was a 14.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $54.75 on Thursday. The company has a market capitalization of $49.66 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a twelve month low of $40.68 and a twelve month high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The business’s 50-day moving average price is $52.73 and its 200 day moving average price is $52.11.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.27. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.34 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company’s quarterly revenue was up 42.4% on a year-over-year basis. During the same period last year, the company earned $0.91 earnings per share. On average, research analysts predict that Fifth Third Bancorp will post 4.10 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently commented on FITB. UBS Group dropped their target price on Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Keefe, Bruyette & Woods upped their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Stephens decreased their price objective on Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 21st. Evercore raised shares of Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price on the stock in a report on Wednesday, October 21st. Finally, DA Davidson lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given 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 $60.87.

Fifth Third Bancorp Company Profile

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.