13,505 Fifth Third Bancorp $FITB Shares Purchased by North Dakota State Investment Board

North Dakota State Investment Board lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 50.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 40,389 shares of the financial services provider’s stock after purchasing an additional 13,505 shares during the period. North Dakota State Investment Board’s holdings in Fifth Third Bancorp were worth $2,043,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Basecamp Wealth Advisors LLC increased its position in Fifth Third Bancorp by 5.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock worth $180,000 after buying an additional 201 shares in the last quarter. Legacy Wealth Managment LLC ID raised its stake in shares of Fifth Third Bancorp by 19.2% in the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after buying an additional 212 shares during the period. CFS Investment Advisory Services LLC lifted its position in shares of Fifth Third Bancorp by 2.0% during the 3rd quarter. CFS Investment Advisory Services LLC now owns 11,563 shares of the financial services provider’s stock valued at $590,000 after buying an additional 223 shares in the last quarter. SouthState Bank Corp lifted its position in shares of Fifth Third Bancorp by 74.7% during the 1st 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 in the last quarter. Finally, 55 North Private Wealth LLC grew its stake in shares of Fifth Third Bancorp by 7.0% during the 3rd quarter. 55 North Private Wealth LLC now owns 4,044 shares of the financial services provider’s stock valued at $205,000 after acquiring an additional 264 shares during the period. 83.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

FITB has been the subject of several analyst reports. Argus raised shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Stephens lowered their price target on shares of Fifth Third Bancorp from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 21st. Citigroup upped their price target on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Bank of America increased their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.77.

Insider Activity

In other news, EVP Jude Schramm sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the sale, the executive vice president owned 121,460 shares in the company, valued at $6,454,384.40. This trade represents a 14.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.51% of the stock is currently owned by insiders.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $54.48 on Friday. The firm has a market cap of $49.41 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 1.09 and a beta of 0.97. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The business has a 50-day moving average price of $52.76 and a 200-day moving average price of $52.00. Fifth Third Bancorp has a twelve month low of $40.68 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB) last issued its earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.27. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.34 billion. During the same quarter last year, the company earned $0.91 EPS. The firm’s quarterly revenue was up 42.4% on a year-over-year basis. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.10 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.42 per share. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. Fifth Third Bancorp’s payout ratio is 57.53%.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.