Fifth Third Bancorp $FITB Holdings Raised by Cranbrook Wealth Management LLC

Key Points

• Cranbrook Wealth Management increased its Fifth Third Bancorp stake by 1,659.7% in the third quarter, bringing its holdings to 38,872 shares valued at approximately $1.97 million. Institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly earnings of $1.13 per share, exceeding analyst expectations of $0.86, while revenue reached $3.28 billion and rose 42.4% year over year.
• The bank raised its quarterly dividend to $0.42 per share, equivalent to an annualized dividend of $1.68 and a 3.1% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $60.87.

Cranbrook Wealth Management LLC increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 1,659.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,872 shares of the financial services provider's stock after purchasing an additional 36,663 shares during the period. Cranbrook Wealth Management LLC's holdings in Fifth Third Bancorp were worth $1,966,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in Fifth Third Bancorp by 20.2% in the second quarter. Wellington Management Group LLP now owns 23,653,758 shares of the financial services provider's stock worth $1,333,362,000 after acquiring an additional 3,972,795 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth $1,324,903,000. Bank of America Corp DE purchased a new stake in shares of Fifth Third Bancorp during the second quarter valued at $995,717,000. Dimensional Fund Advisors LP grew its holdings in shares of Fifth Third Bancorp by 30.8% during the first quarter. Dimensional Fund Advisors LP now owns 10,918,284 shares of the financial services provider's stock valued at $507,151,000 after buying an additional 2,569,479 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Fifth Third Bancorp by 16.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,384,087 shares of the financial services provider's stock valued at $416,241,000 after acquiring an additional 1,049,520 shares during the period. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

NASDAQ:FITB opened at $53.88 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 52 week low of $40.68 and a 52 week high of $59.50. The stock's 50-day moving average price is $52.75 and its 200-day moving average price is $52.02. The stock has a market capitalization of $48.86 billion, a PE ratio of 18.08, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97.

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

Fifth Third Bancorp Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FITB. UBS Group dropped their price objective 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, October 5th. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Citigroup upped their price target on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the company a "buy" rating in a report on Thursday, October 22nd. Wolfe Research began coverage on Fifth Third Bancorp in a research report on Tuesday. They set an "outperform" rating on the stock. Finally, TD Cowen assumed coverage on Fifth Third Bancorp in a research note on Thursday, October 8th. They set a "buy" rating and a $60.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold 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 $60.87.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the firm's stock in a transaction dated 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 transaction, the executive vice president directly owned 121,460 shares in the company, valued at $6,454,384.40. This trade represents a 14.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.51% of the stock is currently owned by corporate insiders.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company's offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.

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