Atomi Financial Group Inc. Purchases 3,740 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Atomi Financial Group Inc. boosted its position in Fifth Third Bancorp (NASDAQ:FITB) by 62.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,736 shares of the financial services provider’s stock after acquiring an additional 3,740 shares during the quarter. Atomi Financial Group Inc.’s holdings in Fifth Third Bancorp were worth $417,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Park National Corp OH boosted its position in Fifth Third Bancorp by 15.0% in the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock valued at $1,514,000 after buying an additional 5,411 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Fifth Third Bancorp by 8.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock valued at $10,043,000 after buying an additional 21,612 shares in the last quarter. M&G Plc acquired a new stake in Fifth Third Bancorp in the second quarter valued at approximately $1,254,000. Plato Investment Management Ltd acquired a new stake in Fifth Third Bancorp in the first quarter valued at approximately $639,000. Finally, Russell Investments Group Ltd. boosted its position in Fifth Third Bancorp by 9.1% in the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock valued at $11,657,000 after buying an additional 26,194 shares in the last quarter. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Trading Up 2.7 %

FITB opened at $43.84 on Friday. Fifth Third Bancorp has a 1-year low of $22.49 and a 1-year high of $43.94. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The company has a market cap of $29.67 billion, a P/E ratio of 13.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The company has a fifty day moving average price of $41.52 and a two-hundred day moving average price of $38.75.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same period last year, the firm posted $0.87 earnings per share. Analysts predict that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be paid a $0.37 dividend. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a yield of 3.38%. The ex-dividend date is Monday, September 30th. Fifth Third Bancorp’s payout ratio is 47.13%.

Wall Street Analyst Weigh In

FITB has been the topic of a number of recent research reports. StockNews.com lowered shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Bank of America lifted their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Evercore ISI lifted their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada lifted their price target on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $41.78.

Insider Buying and Selling at Fifth Third Bancorp

In other Fifth Third Bancorp news, Director Mitchell Stuart Feiger sold 12,000 shares of Fifth Third Bancorp stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the sale, the director now directly owns 20,961 shares of the company’s stock, valued at approximately $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total transaction of $494,520.00. Following the completion of the sale, the director now directly owns 20,961 shares of the company’s stock, valued at $863,802.81. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $41.77, for a total transaction of $835,400.00. Following the sale, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,500 shares of company stock valued at $2,269,920. Corporate insiders own 0.50% of the company’s stock.

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.