Fifth Third Bancorp (NASDAQ:FITB) Holdings Lifted by KPP Advisory Services LLC

KPP Advisory Services LLC boosted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 46.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 15,654 shares of the financial services provider’s stock after buying an additional 5,000 shares during the period. KPP Advisory Services LLC’s holdings in Fifth Third Bancorp were worth $571,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Capital World Investors increased its stake in shares of Fifth Third Bancorp by 34.2% in the fourth quarter. Capital World Investors now owns 41,083,928 shares of the financial services provider’s stock worth $1,416,985,000 after acquiring an additional 10,472,392 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in Fifth Third Bancorp in the second quarter worth approximately $33,337,000. Vanguard Group Inc. raised its position in Fifth Third Bancorp by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 87,343,335 shares of the financial services provider’s stock valued at $3,012,472,000 after acquiring an additional 734,403 shares in the last quarter. Millennium Management LLC lifted its stake in Fifth Third Bancorp by 896.7% in the second quarter. Millennium Management LLC now owns 648,886 shares of the financial services provider’s stock valued at $23,678,000 after acquiring an additional 583,781 shares during the last quarter. Finally, Vest Financial LLC bought a new stake in Fifth Third Bancorp in the first quarter worth approximately $19,401,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FITB. Bank of America raised their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Argus boosted their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Evercore ISI lowered their price objective on Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a report on Tuesday, June 25th. Jefferies Financial Group upped their target price on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, July 3rd. Finally, Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $41.41.

Insider Activity

In related news, EVP Jude Schramm sold 20,000 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $42.00, for a total transaction of $840,000.00. Following the completion of the sale, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at approximately $4,805,724. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Mitchell Stuart Feiger sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $41.21, for a total value of $494,520.00. Following the completion of the transaction, the director now owns 20,961 shares in the company, valued at approximately $863,802.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jude Schramm sold 20,000 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the transaction, the executive vice president now owns 114,422 shares in the company, valued at $4,805,724. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,500 shares of company stock worth $2,269,920. Insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $42.84 on Tuesday. Fifth Third Bancorp has a twelve month low of $22.49 and a twelve month high of $43.85. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95. The stock has a market cap of $29.30 billion, a P/E ratio of 13.60, a PEG ratio of 2.03 and a beta of 1.22. The company’s 50-day simple moving average is $41.45 and its 200 day simple moving average is $38.44.

Fifth Third Bancorp (NASDAQ:FITB) last posted its earnings results on Friday, July 19th. The financial services provider reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The company had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same quarter last year, the business earned $0.87 EPS. As a group, research analysts forecast that Fifth Third Bancorp will post 3.3 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.37 per share. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.45%. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 46.98%.

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.