Daymark Wealth Partners LLC Has $10.56 Million Stock Holdings in Fifth Third Bancorp $FITB

Daymark Wealth Partners LLC decreased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 0.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 256,648 shares of the financial services provider’s stock after selling 929 shares during the period. Daymark Wealth Partners LLC’s holdings in Fifth Third Bancorp were worth $10,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allianz Asset Management GmbH raised its holdings in shares of Fifth Third Bancorp by 5.8% during the 1st quarter. Allianz Asset Management GmbH now owns 292,102 shares of the financial services provider’s stock valued at $11,450,000 after purchasing an additional 16,000 shares in the last quarter. Principal Financial Group Inc. increased its position in Fifth Third Bancorp by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 818,564 shares of the financial services provider’s stock worth $32,088,000 after buying an additional 12,905 shares during the period. U.S. Capital Wealth Advisors LLC increased its position in Fifth Third Bancorp by 49.5% in the 1st quarter. U.S. Capital Wealth Advisors LLC now owns 47,392 shares of the financial services provider’s stock worth $1,858,000 after buying an additional 15,692 shares during the period. Teacher Retirement System of Texas increased its position in Fifth Third Bancorp by 1,448.6% in the 1st quarter. Teacher Retirement System of Texas now owns 98,088 shares of the financial services provider’s stock worth $3,845,000 after buying an additional 91,754 shares during the period. Finally, Joseph Group Capital Management increased its position in Fifth Third Bancorp by 13.6% in the 1st quarter. Joseph Group Capital Management now owns 74,091 shares of the financial services provider’s stock worth $2,904,000 after buying an additional 8,873 shares during the period. Institutional investors own 83.79% of the company’s stock.

Wall Street Analyst Weigh In

FITB has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fifth Third Bancorp in a research report on Wednesday, October 8th. Truist Financial lifted their price objective on Fifth Third Bancorp from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, September 12th. DA Davidson lifted their price objective on Fifth Third Bancorp from $47.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. TD Cowen lifted their price objective on Fifth Third Bancorp from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Finally, Janney Montgomery Scott lifted their price objective on Fifth Third Bancorp from $50.00 to $51.00 and gave the stock a “buy” rating in a report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.45.

Insider Buying and Selling at Fifth Third Bancorp

In other news, Director Evan Bayh bought 3,000 shares of the company’s stock in a transaction dated Monday, October 20th. The stock was bought at an average price of $41.22 per share, for a total transaction of $123,660.00. Following the completion of the transaction, the director directly owned 84,942 shares in the company, valued at $3,501,309.24. The trade was a 3.66% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $42.28 on Wednesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $27.98 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.15 and a beta of 0.95. The business’s fifty day moving average is $44.23 and its two-hundred day moving average is $41.24. Fifth Third Bancorp has a 52 week low of $32.25 and a 52 week high of $49.07.

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

Fifth Third Bancorp Increases Dividend

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

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.