Townsquare Capital LLC Purchases Shares of 18,764 Fifth Third Bancorp (NASDAQ:FITB)

Townsquare Capital LLC acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 18,764 shares of the financial services provider’s stock, valued at approximately $804,000.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Fifth Third Bancorp by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 20,774,462 shares of the financial services provider’s stock valued at $889,978,000 after purchasing an additional 732,651 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Fifth Third Bancorp by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock worth $356,031,000 after acquiring an additional 281,494 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Fifth Third Bancorp by 4.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after acquiring an additional 399,827 shares in the last quarter. Smead Capital Management Inc. increased its holdings in Fifth Third Bancorp by 3.5% in the third quarter. Smead Capital Management Inc. now owns 2,224,047 shares of the financial services provider’s stock worth $95,278,000 after buying an additional 75,024 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Fifth Third Bancorp by 1.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,731,656 shares of the financial services provider’s stock valued at $74,184,000 after acquiring an additional 19,572 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Kristine R. Garrett sold 7,500 shares of the company’s stock in a transaction 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 sale, the executive vice president now owns 55,913 shares in the company, valued at $2,441,720.71. This represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $47.05 on Wednesday. The business’s fifty day moving average is $44.88 and its two-hundred day moving average is $41.19. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a 52 week low of $30.01 and a 52 week high of $49.07. The firm has a market cap of $31.55 billion, a P/E ratio of 15.63, a P/E/G ratio of 2.28 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.05). The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.92 EPS. Equities research analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $0.37 dividend. 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 dividend yield of 3.15%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 49.17%.

Wall Street Analysts Forecast Growth

FITB has been the topic of a number of recent research reports. Morgan Stanley raised their price target 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. Piper Sandler upped their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday. Evercore ISI boosted their target price on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Finally, Wells Fargo & Company lifted their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $44.19.

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.