AE Wealth Management LLC Raises Stake in Fifth Third Bancorp $FITB

AE Wealth Management LLC boosted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB) by 4.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 348,001 shares of the financial services provider’s stock after purchasing an additional 15,627 shares during the period. AE Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $15,503,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in FITB. Generali Asset Management SPA SGR bought a new position in shares of Fifth Third Bancorp in the third quarter valued at approximately $1,314,000. Allspring Global Investments Holdings LLC lifted its stake in Fifth Third Bancorp by 8.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after purchasing an additional 654,746 shares in the last quarter. Huntington National Bank boosted its holdings in Fifth Third Bancorp by 10.9% in the 2nd quarter. Huntington National Bank now owns 121,225 shares of the financial services provider’s stock valued at $4,986,000 after purchasing an additional 11,935 shares during the period. Intact Investment Management Inc. grew its position in shares of Fifth Third Bancorp by 24.5% during the 3rd quarter. Intact Investment Management Inc. now owns 119,400 shares of the financial services provider’s stock valued at $5,319,000 after purchasing an additional 23,500 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in shares of Fifth Third Bancorp by 103.0% in the second quarter. Nordea Investment Management AB now owns 1,354,288 shares of the financial services provider’s stock worth $56,095,000 after purchasing an additional 687,275 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FITB shares. Janney Montgomery Scott lifted 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. Truist Financial lifted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Argus boosted their price objective on Fifth Third Bancorp from $49.00 to $58.00 in a report on Thursday, January 22nd. Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Finally, Royal Bank Of Canada raised their price objective on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.21.

Fifth Third Bancorp Stock Up 0.2%

FITB opened at $49.79 on Friday. Fifth Third Bancorp has a 12 month low of $32.25 and a 12 month high of $53.33. 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 business’s 50-day moving average price is $47.54 and its 200-day moving average price is $44.78. The company has a market cap of $32.91 billion, a P/E ratio of 14.07, a P/E/G ratio of 1.00 and a beta of 0.97.

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

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.40 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 2,250 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $48.50, for a total transaction of $109,125.00. Following the completion of the sale, the executive vice president directly owned 129,191 shares in the company, valued at $6,265,763.50. This represents a 1.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.53% of the stock is currently owned by insiders.

Fifth Third Bancorp Company 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.