Advance Capital Management Inc. Makes New $453,000 Investment in Fifth Third Bancorp $FITB

Advance Capital Management Inc. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the first quarter, HoldingsChannel reports. The firm bought 9,753 shares of the financial services provider’s stock, valued at approximately $453,000.

Other hedge funds also recently made changes to their positions in the company. Harbor Investment Advisory LLC grew its stake in Fifth Third Bancorp by 501.9% in the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 517 shares during the period. Monetary Solutions Ltd purchased a new position in Fifth Third Bancorp during the fourth quarter valued at $29,000. Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $30,000. Reflection Asset Management bought a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $30,000. Finally, EFG International AG purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter worth about $33,000. 83.79% of the stock is currently owned by institutional investors.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on 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 $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares in the company, valued at $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.51% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on FITB shares. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Stephens initiated coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price objective on the stock. The Goldman Sachs Group raised their target price on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler reiterated an “overweight” rating and set a $54.00 target price (down from $57.00) on shares of Fifth Third Bancorp in a report on Monday, March 30th. Finally, Evercore set a $60.00 price target on Fifth Third Bancorp in a research report on Monday. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $58.81.

Fifth Third Bancorp Stock Performance

Shares of Fifth Third Bancorp stock opened at $57.91 on Tuesday. The stock has a market cap of $52.49 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 1.09 and a beta of 0.90. The firm’s 50-day moving average is $51.55 and its 200 day moving average is $49.96. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $58.15. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last released 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. The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period last year, the business earned $0.71 EPS. Sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is 53.69%.

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.