First Trust Advisors LP Has $150.11 Million Holdings in Fifth Third Bancorp $FITB

First Trust Advisors LP grew its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 35.4% in the first quarter, HoldingsChannel.com reports. The fund owned 3,230,858 shares of the financial services provider’s stock after acquiring an additional 845,014 shares during the quarter. First Trust Advisors LP’s holdings in Fifth Third Bancorp were worth $150,106,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Westpac Banking Corp raised its stake in Fifth Third Bancorp by 3,114.9% during the first quarter. Westpac Banking Corp now owns 92,846 shares of the financial services provider’s stock worth $4,314,000 after acquiring an additional 89,958 shares in the last quarter. ABN Amro Investment Solutions increased its stake in shares of Fifth Third Bancorp by 11.0% in the first quarter. ABN Amro Investment Solutions now owns 130,785 shares of the financial services provider’s stock valued at $6,076,000 after buying an additional 12,966 shares during the period. PNC Financial Services Group Inc. raised its holdings in Fifth Third Bancorp by 24.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 322,747 shares of the financial services provider’s stock worth $14,995,000 after purchasing an additional 64,201 shares during the last quarter. HORAN Wealth LLC boosted its position in Fifth Third Bancorp by 100.0% during the first quarter. HORAN Wealth LLC now owns 23,218 shares of the financial services provider’s stock valued at $1,083,000 after acquiring an additional 11,609 shares during the last quarter. Finally, Atlantic Private Wealth LLC acquired a new position in Fifth Third Bancorp in the first quarter valued at approximately $65,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Analyst Ratings Changes

FITB has been the topic of several research reports. Bank of America upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Monday. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a research note on Wednesday. Wolfe Research dropped their price objective on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating on the stock in a report on Wednesday, April 1st. Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, UBS Group upped their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $60.20.

Insiders Place Their Bets

In related news, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Stock Down 0.9%

Shares of FITB opened at $57.14 on Friday. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. 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 stock has a 50 day simple moving average of $53.77 and a two-hundred day simple moving average of $50.92. The firm has a market cap of $51.79 billion, a P/E ratio of 19.17, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. On average, analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis 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 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.