Fifth Third Bancorp $FITB Shares Sold by Isthmus Partners LLC

Isthmus Partners LLC trimmed its position in Fifth Third Bancorp (NASDAQ:FITB) by 31.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 200,833 shares of the financial services provider’s stock after selling 92,090 shares during the period. Isthmus Partners LLC’s holdings in Fifth Third Bancorp were worth $10,158,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of FITB. Bank of New York Mellon Corp bought a new position in Fifth Third Bancorp in the 2nd quarter worth $1,324,903,000. Bank of America Corp DE acquired a new position in Fifth Third Bancorp during the 2nd quarter worth $995,717,000. Legal & General Group Plc acquired a new position in Fifth Third Bancorp during the 2nd quarter worth $314,122,000. Wellington Management Group LLP boosted its holdings in Fifth Third Bancorp by 20.2% during the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider’s stock valued at $1,333,362,000 after acquiring an additional 3,972,795 shares during the period. Finally, Deutsche Bank AG bought a new stake in Fifth Third Bancorp during the second quarter valued at about $145,232,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 0.7%

NASDAQ FITB opened at $53.18 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a 50-day simple moving average of $53.06 and a 200 day simple moving average of $53.10. Fifth Third Bancorp has a twelve month low of $40.68 and a twelve month high of $59.50. The stock has a market cap of $48.22 billion, a PE ratio of 17.84, a PEG ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.30. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The company’s quarterly revenue was up 42.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 earnings per share. On average, research analysts forecast that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FITB shares. DA Davidson raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Bank of America increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Keefe, Bruyette & Woods raised their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Evercore raised Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price target on the stock in a research report on Wednesday. Finally, Truist Financial cut their price target on Fifth Third Bancorp from $64.00 to $63.00 and set a “buy” rating for the company in a report on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $60.77.

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.