Oak Thistle LLC Invests $243,000 in Fifth Third Bancorp (NASDAQ:FITB)

Oak Thistle LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,752 shares of the financial services provider’s stock, valued at approximately $243,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Acadian Asset Management LLC bought a new position in shares of Fifth Third Bancorp during the 2nd quarter worth about $384,000. Mercer Global Advisors Inc. ADV increased its stake in Fifth Third Bancorp by 8.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 97,636 shares of the financial services provider’s stock valued at $3,563,000 after acquiring an additional 7,906 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in Fifth Third Bancorp by 10.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 84,578 shares of the financial services provider’s stock valued at $3,059,000 after acquiring an additional 7,932 shares during the period. Elo Mutual Pension Insurance Co acquired a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $2,133,000. Finally, Benjamin Edwards Inc. lifted its position in shares of Fifth Third Bancorp by 25.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 4,675 shares of the financial services provider’s stock worth $171,000 after acquiring an additional 958 shares during the period. Institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

FITB opened at $44.34 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $29.73 billion, a P/E ratio of 14.73, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24. The company’s 50 day simple moving average is $45.06 and its 200-day simple moving average is $42.76. Fifth Third Bancorp has a one year low of $32.29 and a one year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS 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 previous year, the business posted $0.92 earnings per share. Sell-side analysts anticipate that Fifth Third Bancorp will post 3.31 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is 49.17%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FITB. Truist Financial initiated coverage on Fifth Third Bancorp in a research note on Tuesday, January 7th. They issued a “buy” rating and a $51.00 target price for the company. Baird R W downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler increased their price target on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. Finally, StockNews.com downgraded Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, November 6th. 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.com, Fifth Third Bancorp presently has a consensus rating of “Hold” and an average price target of $45.92.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s 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 transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at approximately $2,441,720.71. This trade represents a 11.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.50% of the company’s stock.

Fifth Third Bancorp 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.