Avantax Advisory Services Inc. Increases Stake in Fifth Third Bancorp (NASDAQ:FITB)

Avantax Advisory Services Inc. raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,770 shares of the financial services provider’s stock after buying an additional 9,104 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Fifth Third Bancorp were worth $4,345,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Financial Synergies Wealth Advisors Inc. acquired a new position in shares of Fifth Third Bancorp in the 1st quarter worth approximately $29,000. Denali Advisors LLC purchased a new position in shares of Fifth Third Bancorp during the fourth quarter worth $36,000. Financial Management Professionals Inc. grew its stake in shares of Fifth Third Bancorp by 1,000.0% in the fourth quarter. Financial Management Professionals Inc. now owns 1,100 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,000 shares in the last quarter. Friedenthal Financial purchased a new stake in shares of Fifth Third Bancorp in the 4th quarter valued at $48,000. Finally, Centerpoint Advisors LLC lifted its stake in Fifth Third Bancorp by 125.0% during the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 750 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB traded up $1.06 during midday trading on Tuesday, hitting $40.22. 4,003,923 shares of the stock were exchanged, compared to its average volume of 4,854,087. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $40.28. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.91. The company has a 50 day moving average price of $36.93 and a 200-day moving average price of $35.77. The stock has a market cap of $27.51 billion, a P/E ratio of 12.77, a PEG ratio of 2.69 and a beta of 1.24.

Fifth Third Bancorp (NASDAQ:FITB) last announced its earnings results on Friday, April 19th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. The firm had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.08 billion. Fifth Third Bancorp had a net margin of 17.70% and a return on equity of 16.11%. During the same quarter in the previous year, the company posted $0.78 EPS. On average, research analysts forecast that Fifth Third Bancorp will post 3.29 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.40 annualized dividend and a yield of 3.48%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 44.44%.

Insiders Place Their Bets

In other news, EVP Kala Gibson sold 14,857 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $36.38, for a total transaction of $540,497.66. Following the completion of the transaction, the executive vice president now owns 46,646 shares of the company’s stock, valued at approximately $1,696,981.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Kala Gibson sold 14,857 shares of Fifth Third Bancorp stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $36.38, for a total value of $540,497.66. Following the transaction, the executive vice president now owns 46,646 shares in the company, valued at $1,696,981.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jude Schramm sold 2,500 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $37.50, for a total value of $93,750.00. Following the sale, the executive vice president now owns 136,922 shares of the company’s stock, valued at $5,134,575. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on FITB. Wolfe Research upgraded shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price target on the stock in a research note on Friday, May 31st. Robert W. Baird reaffirmed a “neutral” rating and set a $32.00 price objective on shares of Fifth Third Bancorp in a research report on Monday, April 1st. StockNews.com upgraded Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Friday. UBS Group restated a “neutral” rating and set a $39.00 price target (down previously from $42.00) on shares of Fifth Third Bancorp in a report on Thursday, April 4th. Finally, JPMorgan Chase & Co. upgraded Fifth Third Bancorp from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $37.50 to $39.50 in a research note on Wednesday, May 1st. Ten equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.15.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.