74,652 Shares in Fifth Third Bancorp (NASDAQ:FITB) Bought by Proficio Capital Partners LLC

Posted by Defense World Staff on Jul 4th, 2023

Fifth Third Bancorp logo Proficio Capital Partners LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 74,652 shares of the financial services provider’s stock, valued at approximately $75,000.

Other hedge funds have also modified their holdings of the company. CI Investments Inc. grew its holdings in shares of Fifth Third Bancorp by 109.8% in the 4th quarter. CI Investments Inc. now owns 1,920 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 1,005 shares during the last quarter. Fund Management at Engine No. 1 LLC grew its holdings in shares of Fifth Third Bancorp by 14.6% during the fourth quarter. Fund Management at Engine No. 1 LLC now owns 7,559 shares of the financial services provider’s stock valued at $248,000 after buying an additional 964 shares in the last quarter. Boyd Watterson Asset Management LLC OH purchased a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $36,000. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Fifth Third Bancorp by 9.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,956 shares of the financial services provider’s stock valued at $392,000 after buying an additional 1,046 shares in the last quarter. Finally, Pinnacle Wealth Planning Services Inc. grew its holdings in shares of Fifth Third Bancorp by 29.5% during the fourth quarter. Pinnacle Wealth Planning Services Inc. now owns 8,777 shares of the financial services provider’s stock valued at $288,000 after buying an additional 2,002 shares in the last quarter. 77.14% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

FITB stock opened at $26.76 on Tuesday. The stock has a 50-day moving average price of $25.52 and a two-hundred day moving average price of $29.73. The stock has a market cap of $18.22 billion, a PE ratio of 7.73, a price-to-earnings-growth ratio of 0.95 and a beta of 1.18. The company has a current ratio of 0.79, a quick ratio of 0.78 and a debt-to-equity ratio of 0.79. Fifth Third Bancorp has a 1 year low of $22.11 and a 1 year high of $38.06.

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

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 17th. Shareholders of record on Friday, June 30th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.32 annualized dividend and a yield of 4.93%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 38.15%.

Insiders Place Their Bets

In related news, Director Evan Bayh acquired 5,000 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was purchased at an average cost of $24.82 per share, for a total transaction of $124,100.00. Following the completion of the transaction, the director now directly owns 73,700 shares of the company’s stock, valued at approximately $1,829,234. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.66% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FITB. 92 Resources reiterated a “maintains” rating on shares of Fifth Third Bancorp in a report on Thursday, June 15th. Keefe, Bruyette & Woods upgraded Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and dropped their price objective for the stock from $38.00 to $34.00 in a research note on Wednesday, April 5th. Barclays dropped their price objective on Fifth Third Bancorp from $36.00 to $34.00 in a research note on Tuesday, June 27th. Wells Fargo & Company dropped their price objective on Fifth Third Bancorp from $40.00 to $35.00 in a research note on Thursday, June 15th. Finally, Piper Sandler dropped their price objective on Fifth Third Bancorp from $32.00 to $31.00 in a research note on Thursday, June 15th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $33.75.

Fifth Third Bancorp Profile

(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.