Hicks Capital Management LLC Buys New Stake in Fifth Third Bancorp $FITB

Hicks Capital Management LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 16,714 shares of the financial services provider’s stock, valued at approximately $745,000. Fifth Third Bancorp makes up about 1.2% of Hicks Capital Management LLC’s investment portfolio, making the stock its 22nd largest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Evolution Wealth Management Inc. acquired a new stake in Fifth Third Bancorp in the second quarter valued at approximately $26,000. Activest Wealth Management lifted 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 purchasing an additional 626 shares in the last quarter. GoalVest Advisory LLC boosted its stake in shares of 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 purchasing an additional 532 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp during the 2nd quarter valued at $32,000. Finally, BankPlus Trust Department increased 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 worth $34,000 after buying an additional 290 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $49.79 on Friday. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $53.33. The company has a market cap of $32.91 billion, a PE ratio of 14.07, a P/E/G ratio of 1.00 and a beta of 0.97. The stock has a 50 day simple moving average of $47.54 and a 200-day simple moving average of $44.78. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The business had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. On average, equities research analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is 45.20%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FITB. Piper Sandler raised their target price on Fifth Third Bancorp from $50.00 to $57.00 and gave the company an “overweight” rating in a research note on Wednesday, January 21st. Janney Montgomery Scott increased their price target on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a report on Wednesday, January 21st. Barclays raised their price objective on Fifth Third Bancorp from $51.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. TD Cowen reaffirmed a “buy” rating on shares of Fifth Third Bancorp in a research report on Wednesday, January 7th. Finally, Stephens increased their target price on Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Seventeen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $56.21.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares of the company’s stock, valued at $6,265,763.50. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by corporate insiders.

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.