19,109 Shares in Fifth Third Bancorp $FITB Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 19,109 shares of the financial services provider’s stock, valued at approximately $812,000.

Several other hedge funds also recently modified their holdings of the company. AE Wealth Management LLC grew its stake in shares of Fifth Third Bancorp by 4.7% in the 3rd quarter. AE Wealth Management LLC now owns 348,001 shares of the financial services provider’s stock worth $15,503,000 after purchasing an additional 15,627 shares during the last quarter. Envestnet Asset Management Inc. boosted its holdings in Fifth Third Bancorp by 2.4% during the third quarter. Envestnet Asset Management Inc. now owns 2,023,145 shares of the financial services provider’s stock worth $90,131,000 after buying an additional 48,080 shares in the last quarter. Generali Asset Management SPA SGR acquired a new position in Fifth Third Bancorp in the third quarter worth approximately $1,314,000. Intact Investment Management Inc. increased its holdings in shares of Fifth Third Bancorp by 24.5% in the third quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock valued at $5,319,000 after buying an additional 23,500 shares in the last quarter. Finally, Huntington National Bank lifted its position in shares of Fifth Third Bancorp by 10.9% during 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. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 5.4%

Fifth Third Bancorp stock opened at $50.71 on Tuesday. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $55.44. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $33.52 billion, a PE ratio of 14.32, a P/E/G ratio of 1.09 and a beta of 0.98. The firm’s 50 day moving average price is $50.35 and its two-hundred day moving average price is $46.12.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The business had revenue of $3.82 billion for the quarter. On average, research analysts predict that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 45.20%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FITB. Piper Sandler lifted their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Jefferies Financial Group raised their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, January 5th. DA Davidson raised their price objective on shares of Fifth Third Bancorp from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Sixteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.56.

Insider Activity

In other 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 transaction of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. The trade was a 1.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp 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.