Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $1.29 Million Position in Fifth Third Bancorp $FITB

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in Fifth Third Bancorp (NASDAQ:FITB) by 195.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,765 shares of the financial services provider’s stock after buying an additional 18,357 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Fifth Third Bancorp were worth $1,290,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Cullen Frost Bankers Inc. grew its holdings in Fifth Third Bancorp by 4.6% in the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock valued at $199,000 after buying an additional 187 shares during the last quarter. Equitable Holdings Inc. lifted its position in Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock worth $232,000 after buying an additional 195 shares in the last quarter. Koshinski Asset Management Inc. boosted its position in Fifth Third Bancorp by 3.1% in the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock valued at $322,000 after buying an additional 206 shares during the last quarter. Keybank National Association OH grew its position in shares of Fifth Third Bancorp by 0.3% during the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock worth $3,015,000 after buying an additional 214 shares during the period. Finally, CreativeOne Wealth LLC increased its holdings in Fifth Third Bancorp by 1.9% in the fourth quarter. CreativeOne Wealth LLC now owns 11,652 shares of the financial services provider’s stock valued at $545,000 after purchasing an additional 216 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FITB shares. Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Truist Financial raised their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, June 24th. 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 report on Monday, March 30th. The Goldman Sachs Group boosted their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Finally, Barclays increased their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction dated 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 $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Up 1.7%

Shares of FITB opened at $58.02 on Thursday. The stock has a fifty day moving average of $52.65 and a 200-day moving average of $50.48. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $58.51. The stock has a market capitalization of $52.59 billion, a price-to-earnings ratio of 19.47, a PEG ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the previous year, the company earned $0.71 EPS. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is 53.69%.

About Fifth Third Bancorp

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.