22,273 Shares of Fifth Third Bancorp $FITB Acquired by Shakespeare Wealth Management LLC

Key Points

• Shakespeare Wealth Management acquired 22,273 shares of Fifth Third Bancorp in the third quarter, valued at approximately $1.13 million. Institutional investors collectively own 83.79% of the company.
• Analysts remain broadly positive, with one Strong Buy, 19 Buy, and three Hold ratings. The stock has a consensus “Moderate Buy” rating and an average price target of $60.77.
• Fifth Third reported quarterly EPS of $1.13, beating estimates of $0.86, while revenue rose 42.4% year over year. The company increased its quarterly dividend to $0.42 per share, implying a 3.1% yield.

Shakespeare Wealth Management LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 22,273 shares of the financial services provider's stock, valued at approximately $1,127,000.

Other large investors also recently made changes to their positions in the company. Essential Investment Partners LLC bought a new position in shares of Fifth Third Bancorp in the third quarter valued at approximately $25,000. BOKF NA increased its position in shares of Fifth Third Bancorp by 2.8% during the third quarter. BOKF NA now owns 69,336 shares of the financial services provider's stock valued at $3,507,000 after acquiring an additional 1,870 shares during the last quarter. North Dakota State Investment Board lifted its holdings in Fifth Third Bancorp by 50.2% during the third quarter. North Dakota State Investment Board now owns 40,389 shares of the financial services provider's stock worth $2,043,000 after acquiring an additional 13,505 shares during the period. VestGen Advisors LLC lifted its holdings in Fifth Third Bancorp by 18.9% during the third quarter. VestGen Advisors LLC now owns 8,692 shares of the financial services provider's stock worth $440,000 after acquiring an additional 1,384 shares during the period. Finally, SpringVest Wealth Management LLC bought a new stake in Fifth Third Bancorp during the third quarter worth $704,000. 83.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on FITB. Bank of America boosted their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Royal Bank Of Canada decreased their target price on Fifth Third Bancorp from $62.00 to $60.00 and set an "outperform" rating for the company in a research report on Tuesday, October 20th. Argus upgraded Fifth Third Bancorp to a "strong-buy" rating in a research note on Wednesday, July 22nd. Evercore raised shares of Fifth Third Bancorp from an "in-line" rating to an "outperform" rating and set a $60.00 price target on the stock in a report on Wednesday, October 21st. Finally, Citigroup increased their price target on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Thursday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $60.77.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the sale, the executive vice president owned 121,460 shares of the company's stock, valued at approximately $6,454,384.40. This trade represents a 14.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.51% of the company's stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $53.54 on Thursday. Fifth Third Bancorp has a 12 month low of $40.68 and a 12 month high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The business's 50 day simple moving average is $52.77 and its 200 day simple moving average is $51.97. The company has a market cap of $48.55 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 1.09 and a beta of 0.97.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.27. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. Fifth Third Bancorp's revenue was up 42.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.91 earnings per share. Sell-side analysts forecast that Fifth Third Bancorp will post 4.10 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Wednesday, September 30th. This is a positive change from Fifth Third Bancorp's previous quarterly dividend of $0.40. Fifth Third Bancorp's dividend payout ratio is currently 57.53%.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company's offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.

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