Fifth Third Bancorp $FITB Stake Increased by Koshinski Asset Management Inc.

Koshinski Asset Management Inc. increased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 5.1% in the second quarter, Holdings Channel reports. The institutional investor owned 7,692 shares of the financial services provider’s stock after acquiring an additional 372 shares during the quarter. Koshinski Asset Management Inc.’s holdings in Fifth Third Bancorp were worth $316,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Fifth Third Bancorp by 6.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 22,908,401 shares of the financial services provider’s stock worth $898,009,000 after buying an additional 1,321,554 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Fifth Third Bancorp by 5.1% during the first quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after purchasing an additional 862,374 shares during the period. Nuveen LLC acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $334,805,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Fifth Third Bancorp by 8.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 8,160,367 shares of the financial services provider’s stock worth $346,326,000 after purchasing an additional 654,746 shares during the period. Finally, Royal Bank of Canada raised its holdings in shares of Fifth Third Bancorp by 4.5% during the first quarter. Royal Bank of Canada now owns 6,510,095 shares of the financial services provider’s stock worth $255,196,000 after purchasing an additional 279,669 shares during the period. Institutional investors own 83.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Fifth Third Bancorp from $49.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, October 3rd. Janney Montgomery Scott increased their target price on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. DA Davidson increased their target price on shares of Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Citigroup increased their target price on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, September 23rd. Finally, Robert W. Baird increased their target price on shares of Fifth Third Bancorp from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Thursday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.45.

Fifth Third Bancorp Stock Up 2.2%

Fifth Third Bancorp stock opened at $41.80 on Tuesday. The company has a 50-day simple moving average of $44.30 and a 200-day simple moving average of $40.91. The firm has a market capitalization of $27.67 billion, a P/E ratio of 12.48, a P/E/G ratio of 1.11 and a beta of 0.95. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. Fifth Third Bancorp has a one year low of $32.25 and a one year high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last released its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, topping the consensus estimate of $0.87 by $0.06. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.34 billion. Fifth Third Bancorp had a net margin of 18.67% and a return on equity of 13.41%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 earnings per share. As a group, equities analysts expect that Fifth Third Bancorp will post 3.68 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a $0.40 dividend. The ex-dividend date was Tuesday, September 30th. This represents a $1.60 dividend on an annualized basis and a yield of 3.8%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is currently 47.76%.

About Fifth Third Bancorp

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.