AlphaStar Capital Management LLC Invests $600,000 in Fifth Third Bancorp $FITB

AlphaStar Capital Management LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 14,591 shares of the financial services provider’s stock, valued at approximately $600,000.

Several other hedge funds also recently made changes to their positions in FITB. Koshinski Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 17.1% in the 1st quarter. Koshinski Asset Management Inc. now owns 7,320 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 1,070 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Fifth Third Bancorp by 1.9% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 74,945 shares of the financial services provider’s stock valued at $2,938,000 after purchasing an additional 1,429 shares during the period. Rossby Financial LCC acquired a new position in Fifth Third Bancorp during the 1st quarter valued at approximately $103,000. Keybank National Association OH boosted its position in Fifth Third Bancorp by 6.5% during the 1st quarter. Keybank National Association OH now owns 82,015 shares of the financial services provider’s stock valued at $3,215,000 after purchasing an additional 5,019 shares during the period. Finally, Pinnacle Financial Partners Inc boosted its position in Fifth Third Bancorp by 4.4% during the 1st quarter. Pinnacle Financial Partners Inc now owns 9,036 shares of the financial services provider’s stock valued at $354,000 after purchasing an additional 383 shares during the period. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Down 0.8%

Shares of FITB stock opened at $41.62 on Friday. 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 1 year low of $32.25 and a 1 year high of $49.07. The stock has a fifty day moving average of $44.13 and a two-hundred day moving average of $41.35. The firm has a market capitalization of $27.55 billion, a PE ratio of 12.42, a price-to-earnings-growth ratio of 1.14 and a beta of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings results on Friday, October 17th. The financial services provider reported $0.93 earnings per share (EPS) 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 analyst estimates 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 firm posted $0.78 EPS. As a group, research analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.8%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. The ex-dividend date was Tuesday, September 30th. Fifth Third Bancorp’s payout ratio is currently 47.76%.

Analyst Upgrades and Downgrades

FITB has been the subject of a number of analyst reports. Cowen restated a “buy” rating on shares of Fifth Third Bancorp in a research report on Monday, October 20th. UBS Group boosted their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Janney Montgomery Scott boosted their price objective on Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Piper Sandler reduced their price objective on Fifth Third Bancorp from $50.00 to $48.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Finally, TD Cowen boosted their price objective on Fifth Third Bancorp from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average target price of $50.35.

Insider Buying and Selling at Fifth Third Bancorp

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

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.