Pacer Advisors Inc. Sells 18,343 Shares of Fifth Third Bancorp $FITB

Pacer Advisors Inc. lowered its position in Fifth Third Bancorp (NASDAQ:FITB) by 28.9% during the first quarter, Holdings Channel reports. The institutional investor owned 45,123 shares of the financial services provider’s stock after selling 18,343 shares during the quarter. Pacer Advisors Inc.’s holdings in Fifth Third Bancorp were worth $2,096,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FITB. Cullen Frost Bankers Inc. raised its position in shares of 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 purchasing an additional 187 shares during the last quarter. Equitable Holdings Inc. grew 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 purchasing an additional 195 shares during the last quarter. Koshinski Asset Management Inc. grew its position in Fifth Third Bancorp by 3.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 206 shares during the last quarter. Legacy Wealth Managment LLC ID increased its stake in Fifth Third Bancorp by 19.2% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock valued at $61,000 after purchasing an additional 212 shares in the last quarter. Finally, Keybank National Association OH increased its stake in 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 valued at $3,015,000 after purchasing an additional 214 shares in the last quarter. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

FITB has been the subject of several research reports. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, July 6th. UBS Group upped their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday, July 22nd. 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 report on Monday, July 20th. Finally, Truist Financial increased their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.54.

Fifth Third Bancorp Stock Up 0.1%

FITB stock opened at $57.01 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm’s fifty day simple moving average is $55.55 and its 200-day simple moving average is $51.53. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The company has a market capitalization of $51.67 billion, a P/E ratio of 19.13, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB) last posted 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). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the firm earned $0.88 earnings per share. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, equities research analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is 54.61%.

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.