Fifth Third Bancorp $FITB Stake Reduced by SkyOak Wealth LLC

SkyOak Wealth LLC trimmed its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 82.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,756 shares of the financial services provider’s stock after selling 45,927 shares during the quarter. SkyOak Wealth LLC’s holdings in Fifth Third Bancorp were worth $550,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in FITB. Cullen Frost Bankers Inc. lifted its stake in Fifth Third Bancorp by 4.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock valued at $199,000 after purchasing an additional 187 shares during the last quarter. Equitable Holdings Inc. boosted its holdings in Fifth Third Bancorp by 4.1% during the fourth 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. Basecamp Wealth Advisors LLC grew its position in Fifth Third Bancorp by 5.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock worth $180,000 after buying an additional 201 shares during the last quarter. Koshinski Asset Management Inc. grew its position in Fifth Third Bancorp by 3.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after buying an additional 206 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID increased its holdings in shares of Fifth Third Bancorp by 19.2% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock valued at $61,000 after buying an additional 212 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 1.4%

NASDAQ FITB opened at $53.01 on Wednesday. The firm’s 50 day moving average price is $56.71 and its two-hundred day moving average price is $51.98. 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 has a twelve month low of $40.04 and a twelve month high of $59.50. The stock has a market cap of $48.07 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 EPS. Equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FITB shares. Robert W. Baird raised their price objective on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, June 8th. Morgan Stanley boosted their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, June 29th. Wells Fargo & Company upped their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Bank of America lifted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.54.

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.