Fifth Third Bancorp (NASDAQ:FITB) Stake Boosted by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC raised its position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 37.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 57,230 shares of the financial services provider's stock after buying an additional 15,609 shares during the quarter. Tower Research Capital LLC TRC's holdings in Fifth Third Bancorp were worth $2,420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. World Investment Advisors LLC acquired a new position in Fifth Third Bancorp during the third quarter valued at $263,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Fifth Third Bancorp in the 3rd quarter valued at about $191,000. Tidal Investments LLC lifted its position in shares of Fifth Third Bancorp by 10.0% in the third quarter. Tidal Investments LLC now owns 24,952 shares of the financial services provider's stock worth $1,069,000 after purchasing an additional 2,265 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Fifth Third Bancorp by 8.1% during the third quarter. Franklin Resources Inc. now owns 5,476,374 shares of the financial services provider's stock worth $242,713,000 after purchasing an additional 409,292 shares during the period. Finally, 1ST Source Bank purchased a new position in Fifth Third Bancorp during the third quarter valued at approximately $211,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $34.65 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82. The business has a 50 day moving average price of $38.78 and a 200 day moving average price of $42.55. The company has a market cap of $23.15 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 1.42 and a beta of 0.99. Fifth Third Bancorp has a twelve month low of $32.25 and a twelve month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.03. Fifth Third Bancorp had a net margin of 17.43% and a return on equity of 14.10%. The business had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.17 billion. During the same quarter last year, the company posted $0.70 earnings per share. Research analysts predict that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.37 per share. The ex-dividend date was Monday, March 31st. This represents a $1.48 annualized dividend and a yield of 4.27%. Fifth Third Bancorp's dividend payout ratio is 46.98%.

Insider Buying and Selling at Fifth Third Bancorp

In other news, EVP Kevin P. Lavender sold 21,700 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $43.55, for a total value of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares in the company, valued at approximately $5,698,778.80. This represents a 14.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the firm's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $44.26, for a total transaction of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares of the company's stock, valued at $10,820,994.62. The trade was a 6.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on FITB. Wells Fargo & Company decreased their target price on shares of Fifth Third Bancorp from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Monday. Piper Sandler reissued an "overweight" rating and set a $53.00 price objective (down previously from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Stephens reaffirmed an "equal weight" rating and set a $51.00 price target on shares of Fifth Third Bancorp in a research note on Wednesday, March 5th. Royal Bank of Canada reissued an "outperform" rating and issued a $47.00 price target on shares of Fifth Third Bancorp in a research note on Monday, February 10th. Finally, Baird R W raised shares of Fifth Third Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average price target of $46.24.

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.

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