Elevation Point Wealth Partners LLC Purchases 26,418 Shares of Fifth Third Bancorp $FITB

Elevation Point Wealth Partners LLC raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB) by 393.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 33,134 shares of the financial services provider’s stock after purchasing an additional 26,418 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Fifth Third Bancorp were worth $1,552,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FITB. Empowered Funds LLC boosted its stake in Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider’s stock worth $543,000 after acquiring an additional 916 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Fifth Third Bancorp by 40.5% during the first quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider’s stock valued at $2,218,000 after purchasing an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Fifth Third Bancorp by 45.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 759 shares in the last quarter. Brown Advisory Inc. boosted its position in shares of Fifth Third Bancorp by 5.0% in the 2nd quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider’s stock worth $422,000 after purchasing an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $968,000. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $57.15 on Monday. The company has a 50 day moving average price of $51.55 and a 200-day moving average price of $49.96. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $58.15. The firm has a market capitalization of $51.80 billion, a PE ratio of 19.18, a P/E/G ratio of 1.09 and a beta of 0.90. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter in the prior year, the firm earned $0.71 earnings per share. As a group, equities research analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s payout ratio is currently 53.69%.

Analysts Set New Price Targets

FITB has been the subject of a number of analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 price objective (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Wall Street Zen upgraded Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. The Goldman Sachs Group upped their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Finally, Truist Financial increased their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, June 24th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.94.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin J. Khanna sold 6,000 shares of the stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is owned by corporate insiders.

Fifth Third Bancorp Profile

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.