Legacy Investment Solutions LLC Takes $36,000 Position in Fifth Third Bancorp (NASDAQ:FITB)

Legacy Investment Solutions LLC purchased a new position in Fifth Third Bancorp (NASDAQ:FITB) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 767 shares of the financial services provider’s stock, valued at approximately $36,000.

Several other institutional investors also recently added to or reduced their stakes in FITB. Venturi Wealth Management LLC boosted its stake in Fifth Third Bancorp by 89.5% in the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 316 shares during the last quarter. American Capital Advisory LLC bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $34,000. Hexagon Capital Partners LLC lifted its stake in Fifth Third Bancorp by 56.9% in the third quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 312 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Fifth Third Bancorp during the third quarter valued at $39,000. Finally, Family Firm Inc. purchased a new stake in Fifth Third Bancorp in the second quarter worth $52,000. Institutional investors own 83.79% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent research reports. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, November 6th. Morgan Stanley upped their price objective on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Wells Fargo & Company lifted their target price on shares of Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Piper Sandler lifted their price objective on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $44.81.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $43.67, for a total value of $327,525.00. Following the completion of the sale, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. The trade was a 11.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by insiders.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $47.21 on Monday. The stock has a market cap of $31.66 billion, a P/E ratio of 15.68, a PEG ratio of 2.24 and a beta of 1.22. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The business’s 50-day moving average price is $45.15 and its two-hundred day moving average price is $41.39. Fifth Third Bancorp has a twelve month low of $30.20 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the business earned $0.92 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, equities analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.13%. Fifth Third Bancorp’s payout ratio is 49.17%.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.