AustralianSuper Pty Ltd Buys Shares of 177,835 Fifth Third Bancorp $FITB

AustralianSuper Pty Ltd purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 177,835 shares of the financial services provider’s stock, valued at approximately $7,314,000.

Other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock valued at $898,009,000 after acquiring an additional 1,321,554 shares during the period. Invesco Ltd. increased its position in shares of Fifth Third Bancorp by 5.1% during the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock valued at $695,265,000 after purchasing an additional 862,374 shares during the last quarter. Nuveen LLC bought a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $334,805,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Fifth Third Bancorp by 8.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after buying an additional 654,746 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Fifth Third Bancorp by 4.5% during the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock valued at $255,196,000 after buying an additional 279,669 shares during the period. Institutional investors own 83.79% of the company’s stock.

Insiders Place Their Bets

In related news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction on Monday, October 20th. The shares were bought at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the acquisition, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. The trade was a 3.66% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FITB. Piper Sandler dropped their price target on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a report on Wednesday, October 8th. Robert W. Baird boosted their price target on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “outperform” rating in a report on Thursday, October 2nd. Cowen restated a “buy” rating on shares of Fifth Third Bancorp in a research report on Monday, October 20th. Finally, Evercore ISI lifted their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. One research 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.45.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $42.45 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.71. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07. The business has a 50-day moving average price of $44.24 and a 200-day moving average price of $41.18. The firm has a market cap of $28.10 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 1.16 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same period in the previous year, the firm earned $0.78 EPS. The firm’s revenue was up 7.9% compared to the same quarter last year. As a group, equities research analysts predict that Fifth Third Bancorp will post 3.68 EPS 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. Investors of record on Tuesday, September 30th were given a dividend of $0.40 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 47.76%.

Fifth Third Bancorp Company Profile

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.