55,683 Shares in Fifth Third Bancorp $FITB Purchased by SkyOak Wealth LLC

SkyOak Wealth LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 55,683 shares of the financial services provider’s stock, valued at approximately $2,587,000.

Several other hedge funds have also recently added to or reduced their stakes in FITB. Harbor Investment Advisory LLC raised its position in Fifth Third Bancorp by 501.9% during the fourth quarter. Harbor Investment Advisory LLC now owns 620 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 517 shares during the last quarter. Monetary Solutions Ltd acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter valued at approximately $29,000. Leonteq Securities AG purchased a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $30,000. Reflection Asset Management acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $30,000. Finally, EFG International AG acquired a new position in shares of Fifth Third Bancorp during the 4th quarter worth approximately $33,000. 83.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the topic of a number of analyst reports. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a report on Monday. Jefferies Financial Group boosted their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 8th. UBS Group increased their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, June 1st. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Sixteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $59.11.

Fifth Third Bancorp Stock Performance

NASDAQ FITB opened at $56.51 on Friday. The business’s 50-day moving average price is $52.09 and its 200 day moving average price is $50.22. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $58.51. The company has a market capitalization of $51.21 billion, a PE ratio of 18.96, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.63 by $0.20. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the business earned $0.71 EPS. On average, research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp’s payout ratio is presently 53.69%.

Insider Activity at Fifth Third Bancorp

In other news, EVP Kevin J. Khanna sold 6,000 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $50.77, for a total transaction of $304,620.00. Following the completion of the sale, the executive vice president directly owned 76,299 shares of the company’s stock, valued at $3,873,700.23. The trade was a 7.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter L. Sefzik sold 20,000 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $50.46, for a total value of $1,009,200.00. Following the sale, the executive vice president owned 189,382 shares of the company’s stock, valued at approximately $9,556,215.72. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.51% of the company’s stock.

About Fifth Third Bancorp

Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.

On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.