Caprock Group LLC Purchases Shares of 10,889 Fifth Third Bancorp $FITB

Caprock Group LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,889 shares of the financial services provider’s stock, valued at approximately $498,000.

Other large investors also recently modified their holdings of the company. Evolution Wealth Management Inc. purchased a new stake in Fifth Third Bancorp in the 2nd quarter valued at $26,000. Westside Investment Management Inc. boosted its holdings in Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 292 shares during the last quarter. United Community Bank grew its stake in shares of Fifth Third Bancorp by 581.0% in the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 581 shares in the last quarter. GoalVest Advisory LLC grew its stake in shares of Fifth Third Bancorp by 246.3% in the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 532 shares in the last quarter. Finally, Legacy Investment Solutions LLC purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at about $32,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FITB. Piper Sandler boosted their price target on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Wolfe Research boosted their target price on Fifth Third Bancorp from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Stephens upped their target price on Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Argus lifted their price target on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Finally, Janney Montgomery Scott upped their price objective on Fifth Third Bancorp from $51.00 to $56.25 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Sixteen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.56.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $53.06 on Wednesday. Fifth Third Bancorp has a 1-year low of $32.25 and a 1-year high of $55.44. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $35.08 billion, a PE ratio of 14.99, a price-to-earnings-growth ratio of 1.07 and a beta of 0.99. The firm’s 50 day simple moving average is $49.97 and its 200 day simple moving average is $45.80.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Tuesday, November 4th. The financial services provider reported $0.91 EPS for the quarter. The firm had revenue of $3.82 billion during the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. As a group, analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.0%. The ex-dividend date was Wednesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 45.20%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 2,250 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the sale, the executive vice president owned 129,191 shares of the company’s stock, valued at $6,265,763.50. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.53% of the stock is owned by corporate insiders.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.