Fifth Third Bancorp (NASDAQ:FITB) Position Increased by Abich Financial Wealth Management LLC

Abich Financial Wealth Management LLC increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 1,787.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,340 shares of the financial services provider’s stock after purchasing an additional 1,269 shares during the quarter. Abich Financial Wealth Management LLC’s holdings in Fifth Third Bancorp were worth $57,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in the business. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 13.4% during the first quarter. Capital World Investors now owns 46,596,261 shares of the financial services provider’s stock valued at $1,733,847,000 after acquiring an additional 5,512,333 shares during the period. Dimensional Fund Advisors LP increased its stake in Fifth Third Bancorp by 3.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 9,757,854 shares of the financial services provider’s stock worth $356,031,000 after purchasing an additional 281,494 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Fifth Third Bancorp by 4.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 8,679,671 shares of the financial services provider’s stock worth $371,837,000 after buying an additional 399,827 shares during the period. LSV Asset Management lifted its stake in Fifth Third Bancorp by 2.3% during the first quarter. LSV Asset Management now owns 4,434,700 shares of the financial services provider’s stock valued at $165,015,000 after buying an additional 99,593 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in shares of Fifth Third Bancorp by 3.4% in the second quarter. Envestnet Asset Management Inc. now owns 1,701,734 shares of the financial services provider’s stock worth $62,096,000 after buying an additional 56,298 shares during the period. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 0.2 %

Fifth Third Bancorp stock traded up $0.09 during mid-day trading on Tuesday, hitting $44.14. The stock had a trading volume of 318,349 shares, compared to its average volume of 4,595,462. The stock has a 50-day simple moving average of $42.60 and a two-hundred day simple moving average of $39.47. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $29.87 billion, a PE ratio of 14.63, a P/E/G ratio of 2.09 and a beta of 1.22. Fifth Third Bancorp has a 12 month low of $22.93 and a 12 month high of $45.71.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The business had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the firm earned $0.92 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.33 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 3.35%. Fifth Third Bancorp’s dividend payout ratio is presently 49.17%.

Insiders Place Their Bets

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $42.00, for a total value of $840,000.00. Following the sale, the executive vice president now owns 114,422 shares in the company, valued at approximately $4,805,724. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on FITB shares. Jefferies Financial Group upped their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Evercore ISI raised their price objective on Fifth Third Bancorp from $46.00 to $47.00 and gave the company an “in-line” rating in a research note on Wednesday, October 2nd. Morgan Stanley increased their price target on Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Monday, September 30th. Finally, Barclays boosted their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $42.28.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.