Prime Capital Investment Advisors LLC Sells 63,470 Shares of Fifth Third Bancorp $FITB

Prime Capital Investment Advisors LLC cut its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 83.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,642 shares of the financial services provider’s stock after selling 63,470 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Fifth Third Bancorp were worth $639,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Center for Financial Planning Inc. bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth about $25,000. Security National Bank of SO Dak acquired a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth about $25,000. SouthState Bank Corp lifted its holdings in Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 236 shares during the last quarter. Clearstead Trust LLC bought a new position in Fifth Third Bancorp during the 2nd quarter valued at about $29,000. Finally, Sachetta LLC lifted its holdings in Fifth Third Bancorp by 85.6% during the 1st quarter. Sachetta LLC now owns 735 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 339 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Truist Financial reduced their price target on shares of Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Wednesday, September 23rd. UBS Group dropped their price objective on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a “buy” rating for the company in a report on Monday, October 5th. TD Cowen initiated coverage on shares of Fifth Third Bancorp in a research note on Thursday, October 8th. They issued a “buy” rating and a $60.00 target price for the company. Morgan Stanley lifted their target price on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, June 29th. Finally, Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $60.77.

Fifth Third Bancorp Trading Down 0.3%

Shares of NASDAQ FITB opened at $53.05 on Friday. Fifth Third Bancorp has a 1-year low of $40.68 and a 1-year high of $59.50. The company has a market cap of $48.11 billion, a PE ratio of 17.80, a P/E/G ratio of 1.09 and a beta of 0.97. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $52.96 and a two-hundred day moving average of $53.10.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.27. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. During the same period in the prior year, the business earned $0.91 earnings per share. Fifth Third Bancorp’s quarterly revenue was up 42.4% on a year-over-year basis. As a group, equities analysts expect that Fifth Third Bancorp will post 4.10 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s dividend payout ratio is 57.53%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.