281,743 Fifth Third Bancorp $FITB Shares Purchased by Vestor Capital LLC

Key Points

• Vestor Capital dramatically increased its Fifth Third Bancorp stake in the third quarter, buying 281,743 shares and ending the period with 281,898 shares valued at about $14.3 million.
• Analysts have a consensus “Moderate Buy” rating on FITB, with a $60.87 average price target; 19 rate it Buy, one Strong Buy, and three Hold.
• Fifth Third reported quarterly EPS of $1.13, beating the $0.86 estimate, while revenue of $3.28 billion came in below expectations. It also raised its quarterly dividend to $0.42 per share.

Vestor Capital LLC grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 181,769.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 281,898 shares of the financial services provider's stock after purchasing an additional 281,743 shares during the period. Vestor Capital LLC's holdings in Fifth Third Bancorp were worth $14,258,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Center for Financial Planning Inc. acquired a new position in shares of Fifth Third Bancorp in the first quarter valued at $25,000. Security National Bank of SO Dak bought a new position in Fifth Third Bancorp in the second quarter worth $25,000. Essential Investment Partners LLC acquired a new stake in Fifth Third Bancorp during the third quarter worth $25,000. SouthState Bank Corp boosted its stake in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after buying an additional 236 shares in the last quarter. Finally, Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the second quarter worth $29,000. Institutional investors own 83.79% of the company's stock.

Insiders Place Their Bets

In related news, EVP Jude Schramm sold 20,000 shares of the firm's stock in a transaction on Monday, October 26th. The stock was sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the completion of the sale, the executive vice president directly owned 121,460 shares of the company's stock, valued at $6,454,384.40. This trade represents a 14.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.51% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FITB has been the subject of several recent research reports. Argus raised shares of Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a report on Monday, July 20th. TD Cowen started coverage on Fifth Third Bancorp in a research note on Thursday, October 8th. They issued a "buy" rating and a $60.00 price objective on the stock. Wolfe Research started coverage on Fifth Third Bancorp in a research note on Tuesday, October 27th. They issued an "outperform" rating on the stock. Finally, Truist Financial dropped their target price on Fifth Third Bancorp from $64.00 to $63.00 and set a "buy" rating for the company in a report on Wednesday, September 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Fifth Third Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.87.

Fifth Third Bancorp Trading Up 2.7%

Shares of FITB stock opened at $54.45 on Tuesday. The company has a market capitalization of $49.20 billion, a P/E ratio of 18.27, a P/E/G ratio of 1.09 and a beta of 0.98. Fifth Third Bancorp has a 12-month low of $40.68 and a 12-month high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average price of $52.65 and a 200 day moving average price of $52.16.

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

Fifth Third Bancorp Increases Dividend

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

About Fifth Third Bancorp

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