Fifth Third Bancorp $FITB Shares Acquired by Waycross Partners LLC

Waycross Partners LLC boosted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 349.3% in the third quarter, HoldingsChannel reports. The firm owned 38,439 shares of the financial services provider’s stock after buying an additional 29,883 shares during the period. Waycross Partners LLC’s holdings in Fifth Third Bancorp were worth $1,944,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FITB. Security National Bank of SO Dak bought a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $25,000. Essential Investment Partners LLC bought a new stake in shares of Fifth Third Bancorp during the third quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in shares of Fifth Third Bancorp during the second quarter valued at approximately $29,000. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp during the first quarter worth approximately $25,000. Finally, SouthState Bank Corp lifted its holdings in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 236 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Fifth Third Bancorp Stock Down 0.6%

NASDAQ FITB traded down $0.31 on Friday, reaching $53.14. The company had a trading volume of 6,453,529 shares, compared to its average volume of 8,261,681. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company’s fifty day moving average is $52.66 and its 200 day moving average is $52.15. Fifth Third Bancorp has a 52-week low of $40.68 and a 52-week high of $59.50. The stock has a market capitalization of $48.19 billion, a P/E ratio of 17.83, a P/E/G ratio of 1.09 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same period in the previous year, the firm earned $0.91 EPS. The business’s revenue for the quarter was up 42.4% compared to the same quarter last year. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were given a dividend of $0.42 per share. The ex-dividend date of this dividend 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 dividend yield of 3.2%. Fifth Third Bancorp’s payout ratio is 57.53%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FITB. Jefferies Financial Group decreased their price target on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating for the company in a research note on Thursday, September 24th. Wolfe Research assumed coverage on shares of Fifth Third Bancorp in a research note on Tuesday, October 27th. They issued an “outperform” rating on the stock. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Royal Bank Of Canada decreased their target price on shares of Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating for the company in a research report on Tuesday, October 20th. Finally, TD Cowen began coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 8th. They set a “buy” rating and a $60.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $60.87.

Fifth Third Bancorp Profile