Fruth Investment Management Has $1.26 Million Position in Fifth Third Bancorp $FITB

Key Points

• Fruth Investment Management increased its Fifth Third Bancorp stake by 335.2% in the first quarter, adding 20,957 shares to bring its total to 27,210 shares valued at about $1.26 million.
• Fifth Third Bancorp reported strong quarterly earnings of $0.83 per share, topping analyst expectations of $0.63, although revenue of $2.83 billion came in slightly below estimates.
• The bank declared a quarterly dividend of $0.40 per share, equal to an annualized yield of 2.8%, while analysts remain generally positive with a consensus rating of Moderate Buy and an average target price of $57.74.

Fruth Investment Management grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 335.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,210 shares of the financial services provider's stock after buying an additional 20,957 shares during the period. Fruth Investment Management's holdings in Fifth Third Bancorp were worth $1,264,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FITB. Bahl & Gaynor Inc. raised its stake in Fifth Third Bancorp by 18.0% during the third quarter. Bahl & Gaynor Inc. now owns 161,369 shares of the financial services provider's stock worth $7,189,000 after buying an additional 24,566 shares during the last quarter. Nordea Investment Management AB boosted its position in Fifth Third Bancorp by 3.2% during the fourth quarter. Nordea Investment Management AB now owns 1,276,429 shares of the financial services provider's stock valued at $59,788,000 after acquiring an additional 39,261 shares during the last quarter. Robinhood Asset Management LLC acquired a new stake in Fifth Third Bancorp during the 4th quarter worth about $8,529,000. Franklin Resources Inc. raised its position in shares of Fifth Third Bancorp by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 7,931,624 shares of the financial services provider's stock worth $353,354,000 after acquiring an additional 690,648 shares in the last quarter. Finally, Barclays PLC raised its position in shares of Fifth Third Bancorp by 27.0% in the 3rd quarter. Barclays PLC now owns 3,947,246 shares of the financial services provider's stock worth $175,850,000 after acquiring an additional 840,094 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Stock Performance

Shares of FITB stock opened at $56.47 on Friday. The firm has a market capitalization of $51.18 billion, a PE ratio of 18.95, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The firm has a fifty day simple moving average of $50.90 and a two-hundred day simple moving average of $49.59. 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 has a 12 month low of $40.04 and a 12 month high of $56.77.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.63 by $0.20. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. During the same period last year, the firm earned $0.71 earnings per share. Analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.40 per share. The ex-dividend date is Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp's payout ratio is 53.69%.

Insider Buying and Selling

In related news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the transaction, the executive vice president owned 189,382 shares of the company's stock, valued at $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Kevin J. Khanna sold 6,000 shares of the company's stock in a transaction on Monday, April 20th. The stock was sold at an average price of $50.77, for a total value of $304,620.00. Following the sale, the executive vice president owned 76,299 shares of the company's stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.51% of the company's stock.

Wall Street Analysts Forecast Growth

FITB has been the topic of several research analyst reports. Barclays upped their target price on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Morgan Stanley cut their price target on Fifth Third Bancorp from $67.00 to $60.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Robert W. Baird lifted their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an "outperform" rating in a research note on Monday, June 8th. Wolfe Research dropped their target price on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 1st. Finally, Stephens assumed coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price target for the company. Sixteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $57.74.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.

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