Shelton Wealth Management LLC Invests $683,000 in Fifth Third Bancorp $FITB

Shelton Wealth Management LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the first quarter, according to its most recent filing with the SEC. The firm acquired 14,710 shares of the financial services provider’s stock, valued at approximately $683,000.

A number of other large investors also recently bought and sold shares of the company. Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $649,264,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC grew its holdings in Fifth Third Bancorp by 719.2% during the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock worth $140,993,000 after acquiring an additional 2,644,332 shares during the period. Invesco Ltd. raised its position in Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock worth $1,114,046,000 after acquiring an additional 2,574,712 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Fifth Third Bancorp by 16.7% in the third quarter. Bank of America Corp DE now owns 16,037,185 shares of the financial services provider’s stock valued at $714,457,000 after acquiring an additional 2,293,939 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Ratings Changes

FITB has been the topic of several research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Barclays upped their target price on shares of Fifth Third Bancorp from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Monday, April 20th. Robert W. Baird increased their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, June 8th. Finally, UBS Group lifted their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.11.

Insider Transactions at Fifth Third Bancorp

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president owned 189,382 shares of the company’s stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $50.77, for a total transaction of $304,620.00. Following the sale, the executive vice president owned 76,299 shares in the company, valued at approximately $3,873,700.23. This trade represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock traded up $0.34 during trading on Tuesday, hitting $58.23. 896,698 shares of the company were exchanged, compared to its average volume of 9,571,454. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $58.45. 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 firm has a 50 day moving average price of $51.55 and a 200 day moving average price of $49.96. The stock has a market capitalization of $52.77 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter last year, the business posted $0.71 earnings per share. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 53.69%.

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.