Intech Investment Management LLC Purchases 8,649 Shares of Fifth Third Bancorp $FITB

Intech Investment Management LLC increased its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 22.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,443 shares of the financial services provider’s stock after buying an additional 8,649 shares during the period. Intech Investment Management LLC’s holdings in Fifth Third Bancorp were worth $1,951,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in FITB. Allianz Asset Management GmbH raised its holdings in shares of Fifth Third Bancorp by 5.8% in the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after purchasing an additional 16,000 shares in the last quarter. Oak Thistle LLC increased its holdings in Fifth Third Bancorp by 16.1% during the first quarter. Oak Thistle LLC now owns 6,676 shares of the financial services provider’s stock valued at $262,000 after buying an additional 924 shares during the period. Machina Capital S.A.S. purchased a new position in Fifth Third Bancorp during the first quarter valued at approximately $226,000. Gilbert & Cook Inc. raised its stake in Fifth Third Bancorp by 2.1% in the first quarter. Gilbert & Cook Inc. now owns 18,709 shares of the financial services provider’s stock worth $733,000 after buying an additional 392 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Fifth Third Bancorp by 35.5% during the first quarter. Cetera Investment Advisers now owns 259,205 shares of the financial services provider’s stock worth $10,161,000 after buying an additional 67,961 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 2.8%

Shares of NASDAQ:FITB opened at $42.42 on Friday. The business’s 50-day moving average is $43.15 and its 200 day moving average is $42.06. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm has a market capitalization of $28.04 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.14 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, topping 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 business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter last year, the company earned $0.78 earnings per share. The company’s quarterly revenue was up 7.9% on a year-over-year basis. On average, research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share 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. Shareholders of record on Tuesday, September 30th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.8%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Insider Transactions at Fifth Third Bancorp

In related news, Director Evan Bayh purchased 3,000 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was acquired at an average price of $41.22 per share, with a total value of $123,660.00. Following the completion of the acquisition, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This represents a 3.66% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FITB shares. Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, October 7th. Truist Financial raised their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, September 12th. TD Cowen lifted their target price 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. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Cowen restated a “buy” rating on shares of Fifth Third Bancorp in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.