Denali Advisors LLC Makes New $261,000 Investment in Fifth Third Bancorp $FITB

Key Points

• Denali Advisors LLC has made a new investment of $261,000 in Fifth Third Bancorp, acquiring 6,339 shares of the financial services provider's stock.
• The company announced a quarterly dividend of $0.40, an increase from the previous $0.37, translating to a 3.8% yield.
• Wall Street analysts have generally favorable views on Fifth Third Bancorp, with target price estimates ranging from $48.00 to $58.00 and a majority rating of "Buy".

Denali Advisors LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 6,339 shares of the financial services provider's stock, valued at approximately $261,000.

A number of other large investors have also recently added to or reduced their stakes in FITB. GAMMA Investing LLC increased its holdings in Fifth Third Bancorp by 11.5% during the 1st quarter. GAMMA Investing LLC now owns 30,698 shares of the financial services provider's stock worth $1,203,000 after purchasing an additional 3,170 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Fifth Third Bancorp by 3.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 88,770 shares of the financial services provider's stock worth $3,480,000 after purchasing an additional 2,925 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in Fifth Third Bancorp by 2.2% during the 1st quarter. Oppenheimer & Co. Inc. now owns 75,261 shares of the financial services provider's stock worth $2,950,000 after purchasing an additional 1,629 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Fifth Third Bancorp by 4.0% during the 1st quarter. Asset Management One Co. Ltd. now owns 276,137 shares of the financial services provider's stock worth $10,825,000 after buying an additional 10,515 shares during the last quarter. Finally, Moran Wealth Management LLC acquired a new position in shares of Fifth Third Bancorp during the 1st quarter worth about $672,000. Institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FITB. Keefe, Bruyette & Woods increased their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a "market perform" rating in a research note on Tuesday, October 7th. TD Cowen increased their price objective on shares of Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday. Robert W. Baird increased their price objective on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an "outperform" rating in a research note on Thursday, October 2nd. Argus increased their price objective on shares of Fifth Third Bancorp from $46.00 to $49.00 in a research note on Tuesday, October 7th. Finally, Piper Sandler reduced their price objective on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $50.45.

Fifth Third Bancorp Trading Up 0.9%

Shares of NASDAQ:FITB opened at $42.07 on Friday. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $49.07. The company has a market capitalization of $27.85 billion, a P/E ratio of 12.56, a price-to-earnings-growth ratio of 1.13 and a beta of 0.95. The company has a 50-day simple moving average of $44.25 and a 200 day simple moving average of $40.98. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.06. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.34 billion. During the same period last year, the business posted $0.78 EPS. Fifth Third Bancorp's revenue was up 7.9% on a year-over-year basis. Sell-side analysts forecast that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $0.40 dividend. This is an increase from Fifth Third Bancorp's previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 annualized dividend and a yield of 3.8%. Fifth Third Bancorp's dividend payout ratio (DPR) is 47.76%.

Insider Transactions at Fifth Third Bancorp

In related news, Director Evan Bayh purchased 3,000 shares of the stock in a transaction on Monday, October 20th. The shares were purchased at an average cost of $41.22 per share, with a total value of $123,660.00. Following the acquisition, the director directly owned 84,942 shares in the company, valued at $3,501,309.24. The trade was a 3.66% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.53% of the company's stock.

About Fifth Third Bancorp

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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