ABN Amro Investment Solutions Increases Stake in Fifth Third Bancorp $FITB

ABN Amro Investment Solutions lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 11.0% during the 1st quarter, Holdings Channel.com reports. The firm owned 130,785 shares of the financial services provider’s stock after buying an additional 12,966 shares during the quarter. ABN Amro Investment Solutions’ holdings in Fifth Third Bancorp were worth $6,076,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in FITB. Center for Financial Planning Inc. bought a new stake in Fifth Third Bancorp in the first quarter worth $25,000. SouthState Bank Corp grew its stake in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares during the last quarter. Harbor Investment Advisory LLC grew its stake in shares of Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock valued at $29,000 after buying an additional 517 shares during the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth about $29,000. Finally, Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In other news, EVP Peter L. Sefzik sold 20,000 shares of the business’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

FITB has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. DA Davidson increased their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday. Royal Bank Of Canada raised their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $60.20.

Fifth Third Bancorp Stock Up 0.2%

FITB stock opened at $57.77 on Thursday. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The business’s 50 day moving average price is $53.58 and its two-hundred day moving average price is $50.85. 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 company has a market capitalization of $52.36 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the previous year, the business earned $0.88 EPS. The company’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is 54.61%.

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.