15,643 Fifth Third Bancorp $FITB Shares Acquired by Kestra Advisory Services LLC

Kestra Advisory Services LLC boosted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 7.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 214,688 shares of the financial services provider’s stock after acquiring an additional 15,643 shares during the quarter. Kestra Advisory Services LLC’s holdings in Fifth Third Bancorp were worth $10,859,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. REAP Financial Group LLC boosted its position in Fifth Third Bancorp by 8.7% during the 3rd quarter. REAP Financial Group LLC now owns 3,728 shares of the financial services provider’s stock worth $189,000 after buying an additional 297 shares during the period. Wealth Dimensions Group Ltd. increased its position in Fifth Third Bancorp by 83.3% in the 3rd quarter. Wealth Dimensions Group Ltd. now owns 68,766 shares of the financial services provider’s stock valued at $3,478,000 after acquiring an additional 31,251 shares during the period. Chicago Partners Investment Group LLC increased its position in Fifth Third Bancorp by 3.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 13,691 shares of the financial services provider’s stock valued at $725,000 after acquiring an additional 492 shares during the period. Ascent Group LLC raised its stake in shares of Fifth Third Bancorp by 51.2% during the third quarter. Ascent Group LLC now owns 30,616 shares of the financial services provider’s stock valued at $1,549,000 after acquiring an additional 10,365 shares during the last quarter. Finally, Caldwell Trust Co raised its stake in shares of Fifth Third Bancorp by 20.3% during the third quarter. Caldwell Trust Co now owns 5,357 shares of the financial services provider’s stock valued at $271,000 after acquiring an additional 905 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Buying and Selling

In other news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the completion of the transaction, the executive vice president directly owned 121,460 shares in the company, valued at $6,454,384.40. The trade was a 14.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.51% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FITB. Wolfe Research started coverage on Fifth Third Bancorp in a report on Tuesday, October 27th. They issued an “outperform” rating on the stock. Evercore raised Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 target price for the company in a research report on Wednesday, October 21st. Truist Financial decreased their price objective 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. Jefferies Financial Group dropped their price objective on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $60.87.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $54.45 on Tuesday. Fifth Third Bancorp has a 52-week low of $40.68 and a 52-week high of $59.50. The stock’s 50-day simple moving average is $52.65 and its 200 day simple moving average is $52.16. 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 stock has a market capitalization of $49.20 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.27. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations 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 revenue was up 42.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 earnings per share. Research analysts forecast that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.40. Fifth Third Bancorp’s payout ratio is 57.53%.

Fifth Third Bancorp Company Profile