Intech Investment Management LLC Grows Stock Position in Fifth Third Bancorp $FITB

Intech Investment Management LLC increased its holdings in Fifth Third Bancorp (NASDAQ:FITB) by 63.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 77,583 shares of the financial services provider’s stock after acquiring an additional 30,140 shares during the period. Intech Investment Management LLC’s holdings in Fifth Third Bancorp were worth $3,456,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. Norges Bank acquired a new position in shares of Fifth Third Bancorp in the 2nd quarter valued at $357,440,000. Invesco Ltd. increased its position in shares of Fifth Third Bancorp by 16.6% during the 2nd quarter. Invesco Ltd. now owns 20,677,686 shares of the financial services provider’s stock worth $850,473,000 after purchasing an additional 2,941,333 shares during the last quarter. Vanguard Group Inc. raised its holdings in Fifth Third Bancorp by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after buying an additional 1,301,624 shares during the period. Westfield Capital Management Co. LP acquired a new position in Fifth Third Bancorp in the second quarter valued at about $52,643,000. Finally, Franklin Resources Inc. boosted its stake in Fifth Third Bancorp by 20.7% during the second quarter. Franklin Resources Inc. now owns 7,240,976 shares of the financial services provider’s stock worth $297,821,000 after buying an additional 1,240,709 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Insider Activity

In other news, EVP Jude Schramm sold 2,250 shares of Fifth Third Bancorp stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $48.50, for a total value of $109,125.00. Following the completion of the transaction, the executive vice president owned 129,191 shares in the company, valued at approximately $6,265,763.50. This trade represents a 1.71% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $49.47 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.68. Fifth Third Bancorp has a 52-week low of $32.25 and a 52-week high of $55.44. The firm has a market cap of $32.70 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 1.00 and a beta of 0.96. The company’s 50 day moving average is $50.59 and its two-hundred day moving average is $46.36.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. The business had revenue of $3.82 billion for the quarter. Fifth Third Bancorp had a return on equity of 13.53% and a net margin of 19.50%. On average, research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.60 dividend on an annualized basis and a yield of 3.2%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 45.20%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Stephens lifted their price target on shares of Fifth Third Bancorp from $54.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. Wolfe Research increased their price objective on shares of Fifth Third Bancorp from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Citigroup boosted their target price on Fifth Third Bancorp from $50.00 to $53.00 and gave the company a “neutral” rating in a research report on Friday, January 23rd. Piper Sandler upped their price target on Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 21st. Finally, Wells Fargo & Company raised their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $56.56.

Fifth Third Bancorp Profile

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.