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Global Retirement Partners LLC Buys 1,111 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Defense World · Sep 29, 2022 05:22

Global Retirement Partners LLC increased its holdings in Fifth Third Bancorp (NASDAQ:FITB – Get Rating) by 205.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,653 shares of the financial services provider's stock after purchasing an additional 1,111 shares during the quarter. Global Retirement Partners LLC's holdings in Fifth Third Bancorp were worth $56,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Riverview Trust Co bought a new stake in shares of Fifth Third Bancorp in the first quarter worth about $28,000. Johnson Financial Group Inc. purchased a new stake in Fifth Third Bancorp in the fourth quarter worth about $31,000. Wagner Wealth Management LLC lifted its holdings in Fifth Third Bancorp by 82.5% in the fourth quarter. Wagner Wealth Management LLC now owns 794 shares of the financial services provider's stock worth $35,000 after buying an additional 359 shares during the period. Quent Capital LLC purchased a new stake in Fifth Third Bancorp in the fourth quarter worth about $47,000. Finally, Covestor Ltd lifted its holdings in Fifth Third Bancorp by 43.9% in the first quarter. Covestor Ltd now owns 1,219 shares of the financial services provider's stock worth $52,000 after buying an additional 372 shares during the period. 81.33% of the stock is owned by institutional investors.

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Analyst Upgrades and Downgrades

Several brokerages have commented on FITB. Wells Fargo & Company lowered their price objective on shares of Fifth Third Bancorp from $52.00 to $43.00 and set an "overweight" rating for the company in a report on Friday, July 1st. Piper Sandler lowered their target price on shares of Fifth Third Bancorp to $40.00 in a report on Friday, July 22nd. Robert W. Baird upgraded shares of Fifth Third Bancorp from a "neutral" rating to an "outperform" rating and set a $44.00 target price for the company in a report on Friday, June 17th. Wedbush restated an "outperform" rating and issued a $39.00 price objective on shares of Fifth Third Bancorp in a report on Wednesday. Finally, Jefferies Financial Group decreased their price objective on shares of Fifth Third Bancorp from $47.00 to $39.00 in a report on Monday, July 11th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $44.94.

Insider Activity at Fifth Third Bancorp

In related news, Director Mitchell Feiger sold 8,734 shares of Fifth Third Bancorp stock in a transaction on Friday, August 26th. The shares were sold at an average price of $35.20, for a total transaction of $307,436.80. Following the transaction, the director now owns 11,030 shares in the company, valued at approximately $388,256. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.67% of the stock is owned by corporate insiders.

Fifth Third Bancorp Trading Up 3.1 %

Shares of FITB stock opened at $32.54 on Thursday. Fifth Third Bancorp has a 1 year low of $31.26 and a 1 year high of $50.64. The firm has a fifty day moving average price of $34.76 and a 200-day moving average price of $37.10. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.76 and a quick ratio of 0.75. The company has a market cap of $22.33 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 1.10 and a beta of 1.25.

Fifth Third Bancorp (NASDAQ:FITB – Get Rating) last issued its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.08). Fifth Third Bancorp had a net margin of 29.09% and a return on equity of 12.99%. The business had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same period in the previous year, the firm earned $0.94 EPS. As a group, equities analysts predict that Fifth Third Bancorp will post 3.54 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.33 per share. This is a boost from Fifth Third Bancorp's previous quarterly dividend of $0.30. The ex-dividend date is Thursday, September 29th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.06%. Fifth Third Bancorp's payout ratio is 36.25%.

About Fifth Third Bancorp

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Fifth Third Bancorp operates as a diversified financial services company in the United States. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.