Farther Finance Advisors LLC Increases Stake in Fifth Third Bancorp $FITB

Farther Finance Advisors LLC grew its position in Fifth Third Bancorp (NASDAQ:FITB) by 158.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,996 shares of the financial services provider’s stock after acquiring an additional 11,646 shares during the period. Farther Finance Advisors LLC’s holdings in Fifth Third Bancorp were worth $781,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FITB. HWG Holdings LP purchased a new position in shares of Fifth Third Bancorp during the 1st quarter worth approximately $27,000. Banque Transatlantique SA purchased a new position in Fifth Third Bancorp in the first quarter worth $27,000. Larson Financial Group LLC lifted its holdings in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 357 shares during the period. Grove Bank & Trust boosted its position in shares of Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 335 shares in the last quarter. Finally, Citizens National Bank Trust Department purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter worth $39,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on FITB. Piper Sandler raised their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, September 10th. Wells Fargo & Company lifted their price target on shares of Fifth Third Bancorp from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Tuesday, June 10th. DA Davidson upgraded Fifth Third Bancorp from a “hold” rating to a “strong-buy” rating and upped their price target for the stock from $42.00 to $47.00 in a report on Monday, June 9th. Truist Financial raised their price objective 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 target price on Fifth Third Bancorp from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $48.60.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $45.28 on Friday. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07. The company has a market capitalization of $29.97 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 1.44 and a beta of 0.93. The stock has a fifty day moving average of $43.87 and a two-hundred day moving average of $40.34. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81.

Fifth Third Bancorp declared that its board has initiated a share buyback plan on Monday, June 16th that permits the company to repurchase 100,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date is Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.5%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s dividend payout ratio (DPR) is 45.96%.

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.