Fifth Third Bancorp (NASDAQ:FITB) Shares Purchased by Orion Portfolio Solutions LLC

Orion Portfolio Solutions LLC lifted its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 13.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 10,499 shares of the financial services provider’s stock after buying an additional 1,285 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Fifth Third Bancorp were worth $450,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Jupiter Asset Management Ltd. acquired a new position in shares of Fifth Third Bancorp in the second quarter worth about $33,337,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Fifth Third Bancorp by 3.7% during the 3rd 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 buying an additional 732,651 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Fifth Third Bancorp during the 3rd quarter valued at approximately $28,490,000. Millennium Management LLC increased its stake in shares of Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock worth $23,678,000 after buying an additional 583,781 shares during the last quarter. Finally, Employees Retirement System of Texas raised its holdings in Fifth Third Bancorp by 38.7% in the second quarter. Employees Retirement System of Texas now owns 1,433,900 shares of the financial services provider’s stock valued at $52,323,000 after acquiring an additional 399,900 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Buying and Selling

In other news, EVP Kristine R. Garrett sold 7,500 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FITB. Keefe, Bruyette & Woods raised their price objective on shares of Fifth Third Bancorp from $45.00 to $51.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. StockNews.com cut Fifth Third Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, November 6th. 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. Finally, Piper Sandler upped their price target on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $45.32.

Fifth Third Bancorp Trading Down 5.5 %

Shares of FITB stock opened at $42.59 on Thursday. The firm has a market capitalization of $28.56 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 2.19 and a beta of 1.22. 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 1 year low of $32.29 and a 1 year high of $49.07. The stock has a fifty day moving average of $45.67 and a two-hundred day moving average of $41.83.

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). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The company had revenue of $2.19 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same period in the previous year, the company earned $0.92 EPS. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, research analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

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.