Fifth Third Bancorp $FITB Stock Position Boosted by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. raised its position in Fifth Third Bancorp (NASDAQ:FITB) by 9.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 162,739 shares of the financial services provider’s stock after purchasing an additional 14,545 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Fifth Third Bancorp were worth $8,295,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FITB. Provenance Wealth Advisors LLC grew its holdings in shares of Fifth Third Bancorp by 17,333.3% during the third quarter. Provenance Wealth Advisors LLC now owns 4,707 shares of the financial services provider’s stock worth $238,000 after buying an additional 4,680 shares in the last quarter. Gallacher Capital Management LLC acquired a new stake in Fifth Third Bancorp in the 3rd quarter valued at approximately $288,000. Virtue Capital Management LLC lifted its stake in Fifth Third Bancorp by 4.3% in the 3rd quarter. Virtue Capital Management LLC now owns 7,534 shares of the financial services provider’s stock valued at $381,000 after acquiring an additional 313 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Fifth Third Bancorp in the 3rd quarter valued at approximately $59,918,000. Finally, Profund Advisors LLC lifted its stake in Fifth Third Bancorp by 6.9% in the 3rd quarter. Profund Advisors LLC now owns 10,161 shares of the financial services provider’s stock valued at $514,000 after acquiring an additional 659 shares in the last quarter. 83.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction on Monday, October 26th. The shares were sold at an average price of $53.14, for a total transaction of $1,062,800.00. Following the transaction, the executive vice president directly owned 121,460 shares in the company, valued at approximately $6,454,384.40. The trade was a 14.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

FITB has been the subject of a number of recent research reports. Evercore raised Fifth Third Bancorp from an “in-line” rating to an “outperform” rating and set a $60.00 price target for the company in a research report on Wednesday, October 21st. Argus upgraded shares of Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. Jefferies Financial Group cut their price objective on shares of Fifth Third Bancorp from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday, September 24th. Citigroup increased their target price on shares of Fifth Third Bancorp from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Finally, Royal Bank Of Canada decreased their target price on shares of Fifth Third Bancorp from $62.00 to $60.00 and set an “outperform” rating for the company in a research report on Tuesday, October 20th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average target price of $60.87.

Fifth Third Bancorp Stock Performance

FITB opened at $53.39 on Friday. The business’s 50-day simple moving average is $52.69 and its 200 day simple moving average is $52.14. Fifth Third Bancorp has a 52-week low of $40.68 and a 52-week high of $59.50. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The firm has a market capitalization of $48.42 billion, a PE ratio of 17.92, a PEG ratio of 1.09 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Monday, October 19th. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.27. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.34 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%. The business’s revenue was up 42.4% compared to the same quarter last year. During the same period last year, the company earned $0.91 earnings per share. As a group, sell-side analysts expect that Fifth Third Bancorp will post 4.10 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 Thursday, October 15th. Investors of record on Wednesday, September 30th were paid a $0.42 dividend. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Wednesday, September 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 57.53%.

Fifth Third Bancorp Company Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Its principal subsidiary, Fifth Third Bank, provides banking and financial services to individuals, businesses, government entities and institutional clients.

The company’s offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit and debit cards, treasury management, cash management and payment-processing services. Through its wealth and asset management businesses, Fifth Third also provides investment management, brokerage, trust, private banking and financial planning services.

Fifth Third primarily serves customers across the Midwest and Southeast, with a branch and banking-center network spanning states including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, South Carolina, Tennessee and West Virginia.