Carlson Capital L.P. Grows Stock Holdings in Fifth Third Bancorp $FITB

Carlson Capital L.P. raised its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 87.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 36,000 shares of the financial services provider’s stock after acquiring an additional 16,800 shares during the period. Fifth Third Bancorp makes up about 0.6% of Carlson Capital L.P.’s investment portfolio, making the stock its 8th largest position. Carlson Capital L.P.’s holdings in Fifth Third Bancorp were worth $1,481,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Fifth Third Bancorp by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 83,849,824 shares of the financial services provider’s stock valued at $3,448,743,000 after acquiring an additional 1,301,624 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Fifth Third Bancorp by 1.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 23,306,918 shares of the financial services provider’s stock valued at $958,614,000 after purchasing an additional 398,517 shares during the last quarter. Geode Capital Management LLC grew its stake in Fifth Third Bancorp by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 18,008,755 shares of the financial services provider’s stock worth $737,728,000 after buying an additional 619,956 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Fifth Third Bancorp by 5.1% in the 1st quarter. Invesco Ltd. now owns 17,736,353 shares of the financial services provider’s stock worth $695,265,000 after buying an additional 862,374 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Fifth Third Bancorp during the 1st quarter valued at $334,805,000. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Trading Up 0.1%

NASDAQ FITB opened at $43.33 on Thursday. The stock has a market cap of $28.64 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 1.14 and a beta of 0.98. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $48.88. The stock has a 50 day simple moving average of $43.01 and a two-hundred day simple moving average of $42.23. 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 (NASDAQ:FITB) last announced its earnings results on Friday, October 17th. The financial services provider reported $0.93 EPS for the quarter, beating 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 revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. On average, analysts forecast 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. Stockholders of record on Tuesday, September 30th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.37. Fifth Third Bancorp’s payout ratio is presently 47.76%.

Wall Street Analyst Weigh In

A number of research firms recently commented on FITB. Truist Financial raised their price target on Fifth Third Bancorp from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Friday, September 12th. UBS Group raised their price objective on Fifth Third Bancorp from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, October 7th. Piper Sandler dropped their target price 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. Janney Montgomery Scott increased their price target on shares of Fifth Third Bancorp from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Fifth Third Bancorp from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $50.35.

Insider Activity

In related news, Director Evan Bayh purchased 3,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 20th. The shares were 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 of the company’s stock, valued at $3,501,309.24. This represents a 3.66% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is owned by corporate insiders.

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.