NewEdge Wealth LLC Acquires 1,302,234 Shares of Fifth Third Bancorp $FITB

NewEdge Wealth LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 5,269.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,326,949 shares of the financial services provider’s stock after purchasing an additional 1,302,234 shares during the quarter. NewEdge Wealth LLC owned about 0.15% of Fifth Third Bancorp worth $61,650,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FITB. Vanguard Group Inc. boosted its position in shares of Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock valued at $3,929,647,000 after acquiring an additional 637,207 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Fifth Third Bancorp by 41.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after acquiring an additional 10,444,799 shares during the last quarter. Capital World Investors increased its position in Fifth Third Bancorp by 5.6% during the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares during the period. State Street Corp increased its position in Fifth Third Bancorp by 0.3% during the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after acquiring an additional 101,245 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Fifth Third Bancorp by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock valued at $1,120,586,000 after purchasing an additional 530,489 shares during the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.2%

Shares of Fifth Third Bancorp stock opened at $57.77 on Thursday. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The firm has a market capitalization of $52.36 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The company’s fifty day moving average price is $53.58 and its two-hundred day moving average price is $50.85.

Fifth Third Bancorp (NASDAQ:FITB) last released 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 the consensus estimate of $3.24 billion. During the same period in the previous year, the business posted $0.88 earnings per share. Fifth Third Bancorp’s revenue was up 45.8% on a year-over-year basis. On average, analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FITB. Keefe, Bruyette & Woods raised their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday. Weiss Ratings raised shares of Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Royal Bank Of Canada increased their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday. JPMorgan Chase & Co. lifted their target price on Fifth Third Bancorp from $54.50 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Finally, Piper Sandler restated an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research note on Monday, March 30th. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.20.

Insider Buying and Selling

In other Fifth Third Bancorp news, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total transaction of $1,009,200.00. Following the sale, the executive vice president directly owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.51% of the stock is currently owned by corporate insiders.

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.