Fifth Third Bancorp $FITB Shares Bought by First Horizon Advisors Inc.

First Horizon Advisors Inc. lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 35.9% during the second quarter, Holdings Channel reports. The fund owned 6,068 shares of the financial services provider’s stock after purchasing an additional 1,603 shares during the quarter. First Horizon Advisors Inc.’s holdings in Fifth Third Bancorp were worth $250,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Banque Transatlantique SA purchased a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Activest Wealth Management grew its position in shares of Fifth Third Bancorp by 1,043.3% during the second quarter. Activest Wealth Management now owns 686 shares of the financial services provider’s stock worth $28,000 after buying an additional 626 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock worth $29,000 after buying an additional 357 shares during the last quarter. GoalVest Advisory LLC raised its holdings in Fifth Third Bancorp by 246.3% in the second quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 532 shares in the last quarter. Finally, BankPlus Trust Department boosted its stake in Fifth Third Bancorp by 53.0% during the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.8%

Shares of NASDAQ:FITB opened at $42.87 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $28.38 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $49.07. The company has a 50 day moving average price of $43.83 and a 200 day moving average price of $41.63.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter in the prior year, the company earned $0.78 earnings per share. The firm’s revenue was up 7.9% on a year-over-year basis. On average, research analysts anticipate that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a dividend of $0.40 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Insider Buying and Selling at Fifth Third Bancorp

In related news, Director Evan Bayh purchased 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The stock was acquired at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the transaction, the director directly owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Cowen reissued a “buy” rating on shares of Fifth Third Bancorp in a research report on Monday, October 20th. Argus boosted their price objective on Fifth Third Bancorp from $46.00 to $49.00 in a report on Tuesday, October 7th. TD Cowen upped their price objective on Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Truist Financial lifted their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, Evercore ISI lowered their price target on Fifth Third Bancorp from $49.00 to $47.00 in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $50.35.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.