85,760 Shares in Fifth Third Bancorp $FITB Purchased by HWG Holdings LP

Key Points

• HWG Holdings LP acquired 85,760 shares of Fifth Third Bancorp worth approximately $4.34 million, making FITB 1% of its portfolio. Institutional investors collectively own 83.79% of the company.
• Analysts maintain a broadly positive view, with 18 Buy, one Strong Buy, and four Hold ratings. The consensus rating is Moderate Buy, with an average price target of $60.92.
• Fifth Third raised its quarterly dividend from $0.40 to $0.42 per share, equivalent to a $1.68 annualized payout and a 3.4% yield. Its latest quarterly revenue rose 45.8% year over year to $3.26 billion, while EPS narrowly missed estimates.

HWG Holdings LP bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 85,760 shares of the financial services provider's stock, valued at approximately $4,338,000. Fifth Third Bancorp accounts for 1.0% of HWG Holdings LP's investment portfolio, making the stock its 26th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. D.A. Davidson & CO. grew its stake in Fifth Third Bancorp by 69.7% during the 1st quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider's stock valued at $2,359,000 after acquiring an additional 20,862 shares in the last quarter. Bank of America Corp DE purchased a new position in Fifth Third Bancorp in the 2nd quarter worth approximately $995,717,000. Keybank National Association OH boosted its holdings in shares of Fifth Third Bancorp by 33.2% during the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider's stock worth $3,985,000 after purchasing an additional 21,365 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich acquired a new position in shares of Fifth Third Bancorp during the 2nd quarter worth approximately $4,222,000. Finally, Fruth Investment Management grew its position in shares of Fifth Third Bancorp by 335.2% in the first quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider's stock valued at $1,264,000 after purchasing an additional 20,957 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

FITB has been the topic 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. Royal Bank Of Canada lifted their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a research note on Monday, July 20th. UBS Group decreased their target price on shares of Fifth Third Bancorp from $65.00 to $63.00 and set a "buy" rating on the stock in a report on Monday. DA Davidson lifted their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Finally, Bank of America upped their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $60.92.

Fifth Third Bancorp Price Performance

FITB stock opened at $50.12 on Thursday. The business's 50-day moving average is $54.42 and its two-hundred day moving average is $52.69. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $45.45 billion, a P/E ratio of 16.82, a P/E/G ratio of 1.09 and a beta of 0.97. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. The firm's quarterly revenue was up 45.8% on a year-over-year basis. Analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.4%. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Wednesday, September 30th. Fifth Third Bancorp's dividend payout ratio is currently 57.34%.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the parent company of Fifth Third Bank. The company traces its history to 1858 and provides banking and related financial services to individuals, businesses, government entities and institutional clients.

Through its commercial banking operations, Fifth Third offers lending, deposit, treasury management, payment processing and capital markets services to middle-market companies, large corporations and other organizations.

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