8,648 Shares in Fifth Third Bancorp $FITB Acquired by Navigation Group LLC

Navigation Group LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 1st quarter, Holdings Channel reports. The institutional investor bought 8,648 shares of the financial services provider’s stock, valued at approximately $402,000.

Several other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp grew its position in shares of Fifth Third Bancorp by 303.4% during the 1st quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider’s stock valued at $932,904,000 after purchasing an additional 15,101,629 shares in the last quarter. Illinois Municipal Retirement Fund raised its position in shares of Fifth Third Bancorp by 325.6% in the first quarter. Illinois Municipal Retirement Fund now owns 51,100 shares of the financial services provider’s stock worth $2,374,000 after buying an additional 39,094 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Fifth Third Bancorp by 13.5% in the first quarter. Geneos Wealth Management Inc. now owns 3,043 shares of the financial services provider’s stock worth $141,000 after buying an additional 361 shares in the last quarter. SouthState Bank Corp boosted its stake in Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock valued at $26,000 after buying an additional 236 shares during the period. Finally, Sanctuary Advisors LLC boosted its stake in Fifth Third Bancorp by 99.1% during the first quarter. Sanctuary Advisors LLC now owns 129,461 shares of the financial services provider’s stock valued at $6,015,000 after buying an additional 64,428 shares during the period. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 1.7%

Shares of NASDAQ:FITB opened at $58.02 on Thursday. The firm has a market capitalization of $52.59 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $58.51. The firm has a fifty day moving average of $52.65 and a 200 day moving average of $50.48.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results 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. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.91 billion. During the same quarter last year, the business posted $0.71 earnings per share. As a group, research analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio is currently 53.69%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FITB shares. JPMorgan Chase & Co. boosted their target price on Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Fifth Third Bancorp in a report on Monday, May 4th. Robert W. Baird lifted their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. DA Davidson reissued a “buy” rating and set a $58.00 price objective on shares of Fifth Third Bancorp in a report on Monday, April 20th. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research report on Sunday, May 10th. Sixteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.11.

Insider Buying and Selling

In other news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares in the company, valued at approximately $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on 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 sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at $9,556,215.72. This trade represents a 9.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.51% of the stock is owned by company insiders.

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.