Banque Cantonale Vaudoise Buys 800 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Posted by Defense World Staff on Jul 6th, 2023

Fifth Third Bancorp logo Banque Cantonale Vaudoise lifted its stake in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 8.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,523 shares of the financial services provider’s stock after buying an additional 800 shares during the period. Banque Cantonale Vaudoise’s holdings in Fifth Third Bancorp were worth $280,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FITB. Price T Rowe Associates Inc. MD raised its holdings in shares of Fifth Third Bancorp by 23.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 37,477,138 shares of the financial services provider’s stock worth $1,229,625,000 after buying an additional 7,062,005 shares in the last quarter. Norges Bank acquired a new position in shares of Fifth Third Bancorp in the 4th quarter worth approximately $185,924,000. Bank of America Corp DE raised its holdings in shares of Fifth Third Bancorp by 10.5% in the 4th quarter. Bank of America Corp DE now owns 33,243,129 shares of the financial services provider’s stock worth $1,090,707,000 after buying an additional 3,172,058 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Fifth Third Bancorp by 45.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 8,883,809 shares of the financial services provider’s stock worth $236,665,000 after buying an additional 2,794,239 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its holdings in shares of Fifth Third Bancorp by 127.4% in the 3rd quarter. Neuberger Berman Group LLC now owns 4,469,859 shares of the financial services provider’s stock worth $142,864,000 after buying an additional 2,504,590 shares in the last quarter. 77.14% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 0.8 %

NASDAQ:FITB opened at $26.54 on Thursday. Fifth Third Bancorp has a 12-month low of $22.11 and a 12-month high of $38.06. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $18.07 billion, a P/E ratio of 7.67, a P/E/G ratio of 0.97 and a beta of 1.18. The stock’s fifty day simple moving average is $25.56 and its 200-day simple moving average is $29.68.

Fifth Third Bancorp (NASDAQ:FITB – Free Report) last posted its quarterly earnings results on Thursday, April 20th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.22 billion. During the same quarter in the prior year, the business earned $0.69 earnings per share. Equities research analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 17th. Stockholders of record on Friday, June 30th will be given a $0.33 dividend. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.32 annualized dividend and a dividend yield of 4.97%. Fifth Third Bancorp’s dividend payout ratio is currently 38.15%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Citigroup dropped their price target on Fifth Third Bancorp from $40.00 to $30.00 in a report on Monday, April 24th. Keefe, Bruyette & Woods raised Fifth Third Bancorp from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $38.00 to $34.00 in a report on Wednesday, April 5th. Wells Fargo & Company dropped their price target on Fifth Third Bancorp from $40.00 to $35.00 in a report on Thursday, June 15th. DA Davidson dropped their price target on Fifth Third Bancorp from $31.00 to $30.00 in a report on Monday, April 24th. Finally, StockNews.com cut 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 given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $33.75.

Insider Transactions at Fifth Third Bancorp

In related news, Director Evan Bayh purchased 5,000 shares of Fifth Third Bancorp stock in a transaction dated 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 transaction, the director now directly owns 73,700 shares of the company’s stock, valued at $1,829,234. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.66% of the stock is owned by corporate insiders.

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.