Fifth Third Bancorp $FITB Shares Sold by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. decreased its position in Fifth Third Bancorp (NASDAQ:FITB) by 14.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 61,376 shares of the financial services provider’s stock after selling 10,049 shares during the period. Legacy Financial Advisors Inc.’s holdings in Fifth Third Bancorp were worth $3,460,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. D.A. Davidson & CO. boosted its stake in Fifth Third Bancorp by 69.7% during the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider’s stock valued at $2,359,000 after buying an additional 20,862 shares in the last quarter. Keybank National Association OH lifted its stake in Fifth Third Bancorp by 33.2% during the first quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider’s stock valued at $3,985,000 after purchasing an additional 21,365 shares during the last quarter. Geode Capital Management LLC lifted its stake in Fifth Third Bancorp by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider’s stock valued at $848,672,000 after purchasing an additional 96,656 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. acquired a new position in Fifth Third Bancorp in the fourth quarter worth approximately $1,514,000. Finally, Fruth Investment Management increased its holdings in shares of Fifth Third Bancorp by 335.2% in the first quarter. Fruth Investment Management now owns 27,210 shares of the financial services provider’s stock valued at $1,264,000 after buying an additional 20,957 shares in the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Down 1.3%

NASDAQ:FITB opened at $53.85 on Tuesday. The business’s fifty day moving average price is $56.74 and its 200 day moving average price is $51.99. The firm has a market capitalization of $48.84 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.09 and a beta of 0.91. 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 1-year low of $40.04 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter in the previous year, the business posted $0.88 earnings per share. The company’s revenue was up 45.8% compared to the same quarter last year. On average, sell-side analysts forecast 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 declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Citigroup upped their target price on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Stephens initiated coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. Finally, Evercore set a $60.00 price objective on Fifth Third Bancorp in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp has an average rating of “Moderate Buy” and an average price target of $60.54.

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.