Challenger Wealth Management Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Challenger Wealth Management acquired a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 7,641 shares of the financial services provider's stock, valued at approximately $323,000.

Several other hedge funds have also bought and sold shares of FITB. Sierra Ocean LLC purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $28,000. BankPlus Trust Department purchased a new stake in Fifth Third Bancorp in the 4th quarter worth approximately $29,000. Quarry LP purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $29,000. Midwest Capital Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $33,000. Finally, Y.D. More Investments Ltd lifted its position in shares of Fifth Third Bancorp by 118.5% during the 4th quarter. Y.D. More Investments Ltd now owns 828 shares of the financial services provider's stock valued at $35,000 after buying an additional 449 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded down $0.32 during midday trading on Wednesday, hitting $37.82. The company's stock had a trading volume of 3,875,250 shares, compared to its average volume of 4,505,289. The business's 50 day simple moving average is $36.84 and its 200 day simple moving average is $41.41. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $25.24 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 1.42 and a beta of 0.89. Fifth Third Bancorp has a 12-month low of $32.25 and a 12-month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Thursday, April 17th. The financial services provider reported $0.73 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same period in the previous year, the firm earned $0.70 earnings per share. On average, analysts forecast that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Monday, March 31st. Fifth Third Bancorp's dividend payout ratio (DPR) is presently 46.98%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FITB. Truist Financial decreased their target price on Fifth Third Bancorp from $52.00 to $44.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Cowen began coverage on Fifth Third Bancorp in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Morgan Stanley decreased their target price on Fifth Third Bancorp from $57.00 to $52.00 and set an "equal weight" rating on the stock in a research report on Thursday, March 13th. Citigroup decreased their target price on Fifth Third Bancorp from $52.00 to $43.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Finally, TD Cowen began coverage on Fifth Third Bancorp in a research report on Thursday, May 15th. They set a "buy" rating and a $52.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.78.

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.