Wilmington Savings Fund Society FSB Invests $191,000 in Fifth Third Bancorp (NASDAQ:FITB)

Wilmington Savings Fund Society FSB bought a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,463 shares of the financial services provider’s stock, valued at approximately $191,000.

Other large investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its holdings in shares of Fifth Third Bancorp by 3.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 19,965 shares of the financial services provider’s stock valued at $729,000 after buying an additional 733 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Fifth Third Bancorp by 130.6% during the second quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock worth $60,000 after acquiring an additional 914 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Fifth Third Bancorp by 5.9% in the 2nd quarter. Raymond James & Associates now owns 661,981 shares of the financial services provider’s stock worth $24,156,000 after acquiring an additional 36,838 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at $227,000. Finally, Premier Path Wealth Partners LLC raised its position in Fifth Third Bancorp by 10.0% in the 2nd quarter. Premier Path Wealth Partners LLC now owns 8,077 shares of the financial services provider’s stock worth $295,000 after purchasing an additional 733 shares during the period. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Insider Activity

In related news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the completion of the transaction, the executive vice president now directly owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

FITB has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price objective on Fifth Third Bancorp from $45.00 to $51.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company raised their price target on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Baird R W downgraded Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 21st. Barclays raised their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, October 21st. Finally, Piper Sandler upped their price target on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $45.32.

Fifth Third Bancorp Price Performance

Shares of NASDAQ FITB opened at $42.59 on Thursday. Fifth Third Bancorp has a 1 year low of $32.29 and a 1 year high of $49.07. The stock has a market capitalization of $28.56 billion, a P/E ratio of 14.15, a P/E/G ratio of 2.19 and a beta of 1.22. The company’s 50-day moving average is $45.67 and its 200 day moving average is $41.83. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.82 and a quick ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Fifth Third Bancorp had a return on equity of 14.58% and a net margin of 16.58%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $0.92 EPS. On average, sell-side analysts expect that Fifth Third Bancorp will post 3.34 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio is currently 49.17%.

Fifth Third Bancorp Company 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.