Fifth Third Bancorp $FITB Position Lifted by Wealth Dimensions Group Ltd.

Key Points

• Wealth Dimensions Group increased its Fifth Third Bancorp stake by 83.3% in the third quarter, adding 31,251 shares to own 68,766 shares valued at about $3.48 million.
• Fifth Third reported quarterly earnings of $1.13 per share, beating the $0.86 consensus estimate, while revenue of $3.28 billion fell short of forecasts; revenue rose 42.4% year over year.
• The bank raised its quarterly dividend from $0.40 to $0.42 per share, equivalent to a 3.1% annualized yield. Analysts’ consensus rating was “Moderate Buy,” with a $60.87 average price target.

Wealth Dimensions Group Ltd. grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 83.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,766 shares of the financial services provider's stock after purchasing an additional 31,251 shares during the period. Fifth Third Bancorp makes up about 0.6% of Wealth Dimensions Group Ltd.'s holdings, making the stock its 24th largest holding. Wealth Dimensions Group Ltd.'s holdings in Fifth Third Bancorp were worth $3,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Basecamp Wealth Advisors LLC grew its holdings in Fifth Third Bancorp by 5.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock valued at $180,000 after buying an additional 201 shares in the last quarter. Legacy Wealth Managment LLC ID raised its holdings in shares of Fifth Third Bancorp by 19.2% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock worth $61,000 after acquiring an additional 212 shares during the period. CFS Investment Advisory Services LLC raised its holdings in shares of Fifth Third Bancorp by 2.0% during the 3rd quarter. CFS Investment Advisory Services LLC now owns 11,563 shares of the financial services provider's stock worth $590,000 after acquiring an additional 223 shares during the period. SouthState Bank Corp raised its holdings in shares of Fifth Third Bancorp by 74.7% during the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after acquiring an additional 236 shares during the period. Finally, 55 North Private Wealth LLC boosted its position in shares of Fifth Third Bancorp by 7.0% during the 3rd quarter. 55 North Private Wealth LLC now owns 4,044 shares of the financial services provider's stock valued at $205,000 after acquiring an additional 264 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Insider Transactions at Fifth Third Bancorp

In other Fifth Third Bancorp news, EVP Jude Schramm sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $53.14, for a total value of $1,062,800.00. Following the completion of the transaction, the executive vice president owned 121,460 shares of the company's stock, valued at $6,454,384.40. This trade represents a 14.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.51% of the stock is currently owned by company insiders.

Fifth Third Bancorp Price Performance

FITB opened at $54.75 on Thursday. The stock's 50-day moving average price is $52.73 and its 200 day moving average price is $52.11. Fifth Third Bancorp has a 12-month low of $40.68 and a 12-month high of $59.50. The firm has a market cap of $49.66 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 1.09 and a beta of 0.97. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

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

Fifth Third Bancorp Increases Dividend

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

Analyst Ratings Changes

A number of brokerages recently issued reports on FITB. DA Davidson upped their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. TD Cowen assumed coverage on shares of Fifth Third Bancorp in a research report on Thursday, October 8th. They set a "buy" rating and a $60.00 price objective for the company. Keefe, Bruyette & Woods lifted their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Stephens decreased their target price on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an "equal weight" rating on the stock in a report on Wednesday, October 21st. Finally, Citigroup increased their price target on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the company a "buy" rating in a research note on Thursday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.87.

Fifth Third Bancorp Company Profile

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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