Orion Portfolio Solutions LLC Raises Stock Holdings in Fifth Third Bancorp (NASDAQ:FITB)

Orion Portfolio Solutions LLC lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 13.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,499 shares of the financial services provider’s stock after acquiring an additional 1,285 shares during the period. Orion Portfolio Solutions LLC’s holdings in Fifth Third Bancorp were worth $450,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. XTX Topco Ltd increased its stake in Fifth Third Bancorp by 220.3% in the 3rd quarter. XTX Topco Ltd now owns 55,607 shares of the financial services provider’s stock valued at $2,382,000 after buying an additional 38,248 shares during the period. Zacks Investment Management boosted its holdings in shares of Fifth Third Bancorp by 10.0% in the third quarter. Zacks Investment Management now owns 1,737,866 shares of the financial services provider’s stock valued at $74,450,000 after acquiring an additional 158,067 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of Fifth Third Bancorp during the third quarter worth about $28,490,000. National Bank of Canada FI raised its holdings in Fifth Third Bancorp by 149.8% during the third quarter. National Bank of Canada FI now owns 482,454 shares of the financial services provider’s stock worth $20,668,000 after purchasing an additional 289,316 shares in the last quarter. Finally, iA Global Asset Management Inc. acquired a new stake in Fifth Third Bancorp in the third quarter valued at about $358,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fifth Third Bancorp

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

Fifth Third Bancorp Stock Performance

Shares of 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 company’s 50 day simple moving average is $45.67 and its 200 day simple moving average is $41.83. The company has a market capitalization of $28.56 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 2.19 and a beta of 1.22. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.82 and a current ratio of 0.82.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly 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 business 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 company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.92 EPS. On average, sell-side analysts predict that Fifth Third Bancorp will post 3.34 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend 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%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Citigroup raised their price target on Fifth Third Bancorp from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Friday, November 22nd. Piper Sandler raised their target price on Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday, December 3rd. Evercore ISI upped their price target on shares of Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research note on Wednesday, October 2nd. Baird R W cut shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Finally, Morgan Stanley upped their target price on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Hold” and an average price target of $45.32.

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.