Blue Chip Partners LLC Makes New Investment in Fifth Third Bancorp $FITB

Blue Chip Partners LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 25,549 shares of the financial services provider’s stock, valued at approximately $1,187,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the first quarter valued at $25,000. SouthState Bank Corp increased its stake in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth about $29,000. Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp in the 4th quarter worth about $30,000. Finally, Reflection Asset Management acquired a new position in shares of Fifth Third Bancorp in the 4th quarter valued at about $30,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $57.41 on Monday. The company has a market cap of $52.03 billion, a PE ratio of 19.27, a P/E/G ratio of 1.09 and a beta of 0.90. The company’s 50-day moving average price is $53.97 and its 200 day moving average price is $50.98. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. 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 posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the prior year, the business earned $0.88 earnings per share. The firm’s revenue was up 45.8% compared to the same quarter last year. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared 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 of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 54.61%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FITB. Royal Bank Of Canada raised their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Wolfe Research lowered their price target on Fifth Third Bancorp from $57.00 to $55.00 and set an “outperform” rating for the company in a report on Wednesday, April 1st. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. DA Davidson upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. raised their target price on Fifth Third Bancorp from $54.50 to $61.00 and gave the company an “overweight” rating in a report on Monday, July 6th. 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.49.

Insider Activity at Fifth Third Bancorp

In other 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 directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This represents a 9.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.51% of the company’s stock.

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.