Korea Investment CORP Sells 2,000 Shares of Fifth Third Bancorp $FITB

Korea Investment CORP lessened its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 1.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 201,664 shares of the financial services provider’s stock after selling 2,000 shares during the quarter. Korea Investment CORP’s holdings in Fifth Third Bancorp were worth $8,294,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FITB. Federated Hermes Inc. lifted its holdings in shares of Fifth Third Bancorp by 10.7% during the 1st quarter. Federated Hermes Inc. now owns 63,679 shares of the financial services provider’s stock valued at $2,496,000 after purchasing an additional 6,164 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in Fifth Third Bancorp by 19.4% during the 1st quarter. Arkadios Wealth Advisors now owns 8,419 shares of the financial services provider’s stock worth $330,000 after buying an additional 1,366 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in Fifth Third Bancorp in the first quarter valued at approximately $223,000. Jefferies Financial Group Inc. bought a new position in Fifth Third Bancorp in the first quarter valued at approximately $2,059,000. Finally, Commerce Bank boosted its holdings in shares of Fifth Third Bancorp by 0.7% in the first quarter. Commerce Bank now owns 40,331 shares of the financial services provider’s stock valued at $1,581,000 after buying an additional 282 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on FITB shares. DA Davidson boosted their price objective on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Truist Financial lifted 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. Janney Montgomery Scott upped their price objective on Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a research report on Tuesday, October 7th. UBS Group increased their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Finally, Piper Sandler cut their target price on 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Fifth Third Bancorp has a consensus rating of “Moderate Buy” and an average price target of $50.75.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $43.77 on Tuesday. 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 business has a 50-day moving average of $42.87 and a 200-day moving average of $42.33. The stock has a market capitalization of $28.93 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $48.19.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating the consensus estimate of $0.87 by $0.06. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Fifth Third Bancorp had a return on equity of 13.41% and a net margin of 18.67%.The business’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 earnings per share. As a group, sell-side analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.40 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 47.76%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, Director Evan Bayh bought 3,000 shares of the stock in a transaction that occurred on Monday, October 20th. The shares were acquired at an average cost of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the acquisition, the director owned 84,942 shares in the company, valued at approximately $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

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.