Graypoint LLC Raises Position in Fifth Third Bancorp (NASDAQ:FITB)

Graypoint LLC lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,534 shares of the financial services provider’s stock after purchasing an additional 275 shares during the quarter. Graypoint LLC’s holdings in Fifth Third Bancorp were worth $488,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Venturi Wealth Management LLC boosted its stake in Fifth Third Bancorp by 89.5% during the third quarter. Venturi Wealth Management LLC now owns 669 shares of the financial services provider’s stock worth $29,000 after buying an additional 316 shares during the period. Legacy Investment Solutions LLC bought a new stake in shares of Fifth Third Bancorp in the 3rd quarter worth about $36,000. Hexagon Capital Partners LLC boosted its stake in shares of Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 312 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Fifth Third Bancorp during the 3rd quarter valued at about $39,000. Finally, Versant Capital Management Inc raised its position in Fifth Third Bancorp by 232.0% in the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 703 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 3.1 %

FITB opened at $41.12 on Friday. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07. The stock has a fifty day moving average price of $45.19 and a 200-day moving average price of $42.61. The firm has a market cap of $27.57 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 2.18 and a beta of 1.24. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly 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). The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.92 earnings per share. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Tuesday, December 31st. Fifth Third Bancorp’s payout ratio is presently 49.17%.

Insider Activity

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

Analysts Set New Price Targets

Several brokerages have issued reports on FITB. Morgan Stanley boosted their target price on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Truist Financial began coverage on Fifth Third Bancorp in a research report on Tuesday, January 7th. They issued a “buy” rating and a $51.00 price objective on the stock. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Evercore ISI boosted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Finally, Citigroup raised their price target on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $45.92.

Fifth Third Bancorp Company Profile

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.