First Trust Advisors LP Purchases 845,014 Shares of Fifth Third Bancorp $FITB

First Trust Advisors LP grew its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 35.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,230,858 shares of the financial services provider’s stock after buying an additional 845,014 shares during the period. First Trust Advisors LP owned 0.36% of Fifth Third Bancorp worth $150,106,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. D.A. Davidson & CO. grew its stake in Fifth Third Bancorp by 69.7% in the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after acquiring an additional 20,862 shares during the last quarter. Robinhood Asset Management LLC acquired a new stake in Fifth Third Bancorp in the fourth quarter worth about $8,529,000. Keybank National Association OH increased its position in shares of Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after purchasing an additional 21,365 shares during the period. Geode Capital Management LLC lifted its stake in Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. purchased a new position in Fifth Third Bancorp in the 4th quarter worth about $1,514,000. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FITB shares. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Evercore set a $60.00 target price on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Barclays boosted their price objective on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Finally, Argus raised Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.20.

Insider Buying and Selling at Fifth Third Bancorp

In related 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 transaction, the executive vice president directly owned 189,382 shares in the company, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.51% of the stock is owned by insiders.

Fifth Third Bancorp Stock Down 0.9%

Shares of NASDAQ FITB opened at $57.14 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The firm has a 50 day moving average price of $53.77 and a 200 day moving average price of $50.92. The stock has a market cap of $51.79 billion, a P/E ratio of 19.17, a P/E/G ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. Analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date of this dividend 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 (DPR) is 54.61%.

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.