Ronald Blue Trust Inc. Has $160,000 Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Posted by on Jul 2nd, 2023

Ronald Blue Trust Inc. raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 56.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,868 shares of the financial services provider’s stock after purchasing an additional 1,747 shares during the period. Ronald Blue Trust Inc.’s holdings in Fifth Third Bancorp were worth $160,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. CI Investments Inc. lifted its position in Fifth Third Bancorp by 1,002.4% during the 3rd quarter. CI Investments Inc. now owns 915 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 832 shares during the period. Heritage Wealth Management LLC raised its position in shares of Fifth Third Bancorp by 100.0% in the 4th quarter. Heritage Wealth Management LLC now owns 1,048 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 524 shares during the period. Boyd Watterson Asset Management LLC OH acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $36,000. Grey Fox Wealth Advisors LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $38,000. Finally, ICA Group Wealth Management LLC acquired a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $38,000. 77.14% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Evan Bayh bought 5,000 shares of the stock in a transaction that occurred on Wednesday, May 3rd. The shares were acquired at an average cost of $24.82 per share, for a total transaction of $124,100.00. Following the completion of the acquisition, the director now owns 73,700 shares in the company, valued at $1,829,234. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.66% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FITB. Barclays cut their price target on shares of Fifth Third Bancorp from $36.00 to $34.00 in a research report on Tuesday, June 27th. The Goldman Sachs Group cut their price target on shares of Fifth Third Bancorp from $40.00 to $35.00 and set a “buy” rating on the stock in a research report on Thursday, March 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $36.00 price target on shares of Fifth Third Bancorp in a research report on Friday, April 21st. JPMorgan Chase & Co. dropped their target price on shares of Fifth Third Bancorp from $37.50 to $32.50 and set a “neutral” rating on the stock in a report on Monday, April 10th. Finally, StockNews.com downgraded shares of Fifth Third Bancorp from a “hold” rating to a “sell” rating in a report on Friday, June 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $33.75.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $26.21 on Friday. The stock has a market capitalization of $17.84 billion, a P/E ratio of 7.58, a P/E/G ratio of 0.95 and a beta of 1.18. Fifth Third Bancorp has a twelve month low of $22.11 and a twelve month high of $38.06. The company has a 50 day moving average of $25.52 and a 200-day moving average of $29.79. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 0.79.

Fifth Third Bancorp (NASDAQ:FITB – Free Report) last released its earnings results on Thursday, April 20th. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.79 by ($0.01). The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.22 billion. Fifth Third Bancorp had a net margin of 24.39% and a return on equity of 16.28%. During the same period in the prior year, the business posted $0.69 earnings per share. As a group, equities research analysts forecast that Fifth Third Bancorp will post 3.34 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.32 dividend on an annualized basis and a yield of 5.04%. Fifth Third Bancorp’s payout ratio is 38.15%.

About Fifth Third Bancorp

(Free Report)

Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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