Impax Asset Management Group plc Raises Holdings in Fifth Third Bancorp $FITB

Impax Asset Management Group plc lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 0.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 198,010 shares of the financial services provider’s stock after purchasing an additional 1,240 shares during the quarter. Impax Asset Management Group plc’s holdings in Fifth Third Bancorp were worth $8,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Police & Firemen s Retirement System of New Jersey raised its position in Fifth Third Bancorp by 2.1% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 101,059 shares of the financial services provider’s stock worth $4,157,000 after buying an additional 2,054 shares during the last quarter. Bailard Inc. grew its stake in shares of Fifth Third Bancorp by 1.2% in the second quarter. Bailard Inc. now owns 58,076 shares of the financial services provider’s stock worth $2,389,000 after acquiring an additional 713 shares during the period. Renasant Bank purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $961,000. Geode Capital Management LLC lifted its position in Fifth Third Bancorp by 3.6% during the second quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock valued at $737,728,000 after purchasing an additional 619,956 shares during the period. Finally, National Pension Service boosted its holdings in Fifth Third Bancorp by 0.7% in the second quarter. National Pension Service now owns 1,147,251 shares of the financial services provider’s stock worth $47,186,000 after purchasing an additional 7,421 shares during the last quarter. 83.79% of the stock is owned by institutional investors.

Insider Activity

In other Fifth Third Bancorp news, Director Evan Bayh bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were bought at an average price of $41.22 per share, with a total value of $123,660.00. Following the purchase, the director owned 84,942 shares of the company’s stock, valued at $3,501,309.24. This trade represents a 3.66% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $42.44 on Friday. The firm has a fifty day moving average price of $43.60 and a 200-day moving average price of $41.84. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $28.05 billion, a PE ratio of 12.67, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.06. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. Fifth Third Bancorp’s revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.78 EPS. Equities analysts anticipate that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.8%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio is currently 47.76%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FITB. Janney Montgomery Scott boosted their target price on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday, October 7th. Wolfe Research upped their price objective on Fifth Third Bancorp from $52.00 to $53.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Evercore ISI lowered their target price on Fifth Third Bancorp from $49.00 to $47.00 in a report on Thursday, October 30th. Truist Financial boosted their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Finally, Citigroup upped their price target on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $50.35.

About Fifth Third Bancorp

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.