Bessemer Group Inc. Reduces Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Posted by on Aug 24th, 2023

Bessemer Group Inc. reduced its stake in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,996 shares of the financial services provider’s stock after selling 524 shares during the quarter. Bessemer Group Inc.’s holdings in Fifth Third Bancorp were worth $427,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. LPL Financial LLC raised its holdings in shares of Fifth Third Bancorp by 9.9% during the 1st quarter. LPL Financial LLC now owns 317,501 shares of the financial services provider’s stock valued at $8,458,000 after buying an additional 28,511 shares during the period. Exos TFP Holdings LLC increased its holdings in Fifth Third Bancorp by 269.9% during the 1st quarter. Exos TFP Holdings LLC now owns 2,423 shares of the financial services provider’s stock worth $65,000 after purchasing an additional 1,768 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in Fifth Third Bancorp by 77.9% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 3,061 shares of the financial services provider’s stock worth $82,000 after purchasing an additional 1,340 shares during the last quarter. Impax Asset Management Group plc increased its holdings in Fifth Third Bancorp by 16.3% during the 1st quarter. Impax Asset Management Group plc now owns 21,930 shares of the financial services provider’s stock worth $584,000 after purchasing an additional 3,076 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Fifth Third Bancorp during the 1st quarter worth approximately $648,000. 77.14% of the stock is currently owned by hedge funds and other institutional investors.

Fifth Third Bancorp Trading Up 2.2 %

Shares of FITB stock opened at $25.43 on Thursday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 0.79. Fifth Third Bancorp has a 1 year low of $22.11 and a 1 year high of $38.06. The stock has a fifty day moving average of $27.12 and a two-hundred day moving average of $28.04. The firm has a market capitalization of $17.32 billion, a PE ratio of 7.22, a price-to-earnings-growth ratio of 0.93 and a beta of 1.20.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). Fifth Third Bancorp had a return on equity of 16.92% and a net margin of 22.66%. The business had revenue of $3.10 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the firm posted $0.79 EPS. As a group, research analysts expect that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 17th. Shareholders of record on Friday, June 30th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $1.32 dividend on an annualized basis and a yield of 5.19%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 37.50%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Wedbush lifted their price objective on Fifth Third Bancorp from $32.00 to $33.00 and gave the stock an “outperform” rating in a report on Friday, July 21st. Barclays dropped their price objective on Fifth Third Bancorp from $36.00 to $34.00 in a report on Tuesday, June 27th. Piper Sandler dropped their price objective on Fifth Third Bancorp from $32.00 to $31.00 in a report on Thursday, June 15th. Wells Fargo & Company lowered their price target on Fifth Third Bancorp from $40.00 to $35.00 in a report on Thursday, June 15th. Finally, Royal Bank of Canada lowered their price target on Fifth Third Bancorp from $36.00 to $34.00 and set an “outperform” rating for the company in a report on Friday, July 21st. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $32.50.

Get Our Latest Stock Report on Fifth Third Bancorp

Fifth Third Bancorp Company 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.

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

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