Callan Family Office LLC Raises Holdings in Fifth Third Bancorp $FITB

Callan Family Office LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 6.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 91,660 shares of the financial services provider’s stock after buying an additional 5,472 shares during the quarter. Callan Family Office LLC’s holdings in Fifth Third Bancorp were worth $3,770,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Blair William & Co. IL raised its position in shares of Fifth Third Bancorp by 10.1% in the 2nd quarter. Blair William & Co. IL now owns 75,416 shares of the financial services provider’s stock worth $3,102,000 after buying an additional 6,925 shares during the period. McElhenny Sheffield Capital Management LLC purchased a new position in shares of Fifth Third Bancorp in the 2nd quarter worth $2,180,000. Valmark Advisers Inc. raised its position in shares of Fifth Third Bancorp by 8.7% in the 2nd quarter. Valmark Advisers Inc. now owns 18,516 shares of the financial services provider’s stock worth $762,000 after buying an additional 1,487 shares during the period. REAP Financial Group LLC raised its position in shares of Fifth Third Bancorp by 73.8% in the 2nd quarter. REAP Financial Group LLC now owns 2,252 shares of the financial services provider’s stock worth $93,000 after buying an additional 956 shares during the period. Finally, BankPlus Trust Department raised its position in shares of Fifth Third Bancorp by 53.0% in the 2nd quarter. BankPlus Trust Department now owns 837 shares of the financial services provider’s stock worth $34,000 after buying an additional 290 shares during the period. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have commented on FITB. Morgan Stanley set a $60.00 price objective on Fifth Third Bancorp and gave the company an “overweight” rating in a research report on Tuesday. Piper Sandler cut their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Tuesday. Argus raised their price objective on Fifth Third Bancorp from $46.00 to $49.00 in a research report on Tuesday. Wolfe Research raised their price objective on Fifth Third Bancorp from $51.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, October 1st. Finally, Evercore ISI raised their price objective on Fifth Third Bancorp from $45.00 to $49.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.20.

Fifth Third Bancorp Stock Down 5.3%

Shares of NASDAQ FITB opened at $41.47 on Friday. Fifth Third Bancorp has a 1 year low of $32.25 and a 1 year high of $49.07. The firm has a market cap of $27.45 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.41 and a beta of 0.95. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.81 and a current ratio of 0.81. The stock’s 50-day simple moving average is $44.23 and its 200-day simple moving average is $40.72.

Fifth Third Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.9%. Fifth Third Bancorp’s dividend payout ratio is presently 49.69%.

Fifth Third Bancorp declared that its board has approved a share buyback program on Monday, June 16th that permits the company to repurchase 100,000,000 shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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.