SkyOak Wealth LLC Takes Position in Fifth Third Bancorp $FITB

SkyOak Wealth LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 55,683 shares of the financial services provider’s stock, valued at approximately $2,587,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Vanguard Group Inc. lifted its position in Fifth Third Bancorp by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after acquiring an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Capital World Investors raised its stake in shares of Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares during the last quarter. State Street Corp raised its stake in shares of Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after purchasing an additional 101,245 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after purchasing an additional 530,489 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 1.3%

NASDAQ:FITB opened at $56.51 on Friday. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $58.51. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The stock has a fifty day moving average price of $52.09 and a two-hundred day moving average price of $50.22. The stock has a market capitalization of $51.21 billion, a price-to-earnings ratio of 18.96, a PEG ratio of 1.09 and a beta of 0.90.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, topping the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same period in the previous year, the firm earned $0.71 EPS. As a group, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend 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 currently 53.69%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FITB. Zacks Research cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. DA Davidson reaffirmed a “buy” rating and issued a $58.00 target price on shares of Fifth Third Bancorp in a report on Monday, April 20th. Piper Sandler reiterated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a report on Monday. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $59.11.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the company’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the transaction, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the completion of the transaction, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. This trade represents a 9.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.51% of the company’s stock.

About Fifth Third Bancorp

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.