Credit Suisse AG grew its position in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 24.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 907,065 shares of the financial services provider’s stock after buying an additional 179,863 shares during the quarter. Credit Suisse AG owned 0.13% of Fifth Third Bancorp worth $24,164,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. 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 buying an additional 524 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $38,000. ICA Group Wealth Management LLC acquired a new position in Fifth Third Bancorp during the 4th quarter worth approximately $38,000. Covestor Ltd increased its position in Fifth Third Bancorp by 43.9% during the 1st quarter. Covestor Ltd now owns 1,219 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 372 shares in the last quarter. Finally, HHM Wealth Advisors LLC increased its position in Fifth Third Bancorp by 124,100.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 1,242 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 1,241 shares in the last quarter. 77.14% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on FITB. Citigroup upped their price objective on shares of Fifth Third Bancorp from $28.00 to $31.00 and gave the stock a “neutral” rating in a research report on Sunday, July 23rd. Wells Fargo & Company lowered their price objective on shares of Fifth Third Bancorp from $40.00 to $35.00 in a research report on Thursday, June 15th. Bank of America upped their price objective on shares of Fifth Third Bancorp from $30.00 to $33.00 in a research report on Monday, July 24th. Piper Sandler lowered their price objective on shares of Fifth Third Bancorp from $32.00 to $31.00 in a research report on Thursday, June 15th. Finally, Wedbush upped their price target on shares of Fifth Third Bancorp from $32.00 to $33.00 and gave the company an “outperform” rating in a research report on Friday, July 21st. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average target price of $32.50.
Fifth Third Bancorp Trading Up 2.2 %
NASDAQ:FITB opened at $25.43 on Thursday. The firm’s fifty day moving average is $27.12 and its 200-day moving average is $28.04. 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 52 week low of $22.11 and a 52 week high of $38.06. The firm has a market cap of $17.32 billion, a P/E ratio of 7.22, a P/E/G ratio of 0.93 and a beta of 1.20.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.01). Fifth Third Bancorp had a net margin of 22.66% and a return on equity of 16.92%. The firm had revenue of $3.10 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the prior year, the company posted $0.79 earnings per share. Equities analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.
Fifth Third Bancorp Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, July 17th. Investors of record on Friday, June 30th were paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 5.19%. The ex-dividend date was Thursday, June 29th. Fifth Third Bancorp’s dividend payout ratio is presently 37.50%.
About Fifth Third Bancorp
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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