9,954 Shares in Fifth Third Bancorp $FITB Acquired by Eaton Financial Holdings Company LLC

Key Points

• Eaton Financial Holdings Company LLC has acquired a new position in Fifth Third Bancorp by purchasing 9,954 shares worth approximately $409,000 during the second quarter.
• Fifth Third Bancorp recently announced a dividend increase to $0.40 per share, resulting in an annualized dividend of $1.60 and a yield of 3.6%.
• Analyst ratings for Fifth Third Bancorp are positive, with two analysts giving a Strong Buy rating and an average price target of $48.13.

Eaton Financial Holdings Company LLC acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,954 shares of the financial services provider's stock, valued at approximately $409,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. HWG Holdings LP bought a new position in Fifth Third Bancorp in the first quarter worth approximately $27,000. Banque Transatlantique SA bought a new position in Fifth Third Bancorp in the first quarter worth approximately $27,000. Larson Financial Group LLC grew its stake in Fifth Third Bancorp by 91.3% in the first quarter. Larson Financial Group LLC now owns 748 shares of the financial services provider's stock worth $29,000 after purchasing an additional 357 shares in the last quarter. REAP Financial Group LLC boosted its position in Fifth Third Bancorp by 161.8% during the 4th quarter. REAP Financial Group LLC now owns 788 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 487 shares in the last quarter. Finally, Grove Bank & Trust boosted its position in Fifth Third Bancorp by 60.7% during the 1st quarter. Grove Bank & Trust now owns 887 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 335 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FITB. Piper Sandler increased their target price on Fifth Third Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Wednesday, September 10th. Truist Financial increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a "buy" rating in a research report on Friday, September 12th. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $48.00 to $52.00 and gave the company an "overweight" rating in a research report on Tuesday, June 10th. Finally, DA Davidson upgraded Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating and increased their price objective for the company from $42.00 to $47.00 in a report on Monday, June 9th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $48.13.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $44.95 on Tuesday. The business's 50-day moving average is $43.73 and its two-hundred day moving average is $40.23. The company has a market capitalization of $29.75 billion, a P/E ratio of 13.96, a P/E/G ratio of 1.47 and a beta of 0.93. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $49.07.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.6%. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. Fifth Third Bancorp's payout ratio is 45.96%.

Fifth Third Bancorp announced that its Board of Directors has authorized a stock repurchase program on Monday, June 16th that authorizes the company to buyback 100,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

Fifth Third Bancorp Profile

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.

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