Jackson Square Capital LLC Acquires 3,809 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Jackson Square Capital LLC increased its position in Fifth Third Bancorp (NASDAQ:FITB) by 36.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,398 shares of the financial services provider’s stock after purchasing an additional 3,809 shares during the quarter. Jackson Square Capital LLC’s holdings in Fifth Third Bancorp were worth $609,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FITB. Sanibel Captiva Trust Company Inc. purchased a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at $400,000. Retirement Wealth Solutions LLC acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at about $25,000. Brooklyn Investment Group grew its position in shares of Fifth Third Bancorp by 9.1% during the 4th quarter. Brooklyn Investment Group now owns 3,093 shares of the financial services provider’s stock valued at $131,000 after acquiring an additional 257 shares during the period. Merit Financial Group LLC lifted its stake in Fifth Third Bancorp by 69.8% in the 4th quarter. Merit Financial Group LLC now owns 16,440 shares of the financial services provider’s stock valued at $695,000 after buying an additional 6,760 shares in the last quarter. Finally, Boston Common Asset Management LLC lifted its stake in Fifth Third Bancorp by 12.4% in the 4th quarter. Boston Common Asset Management LLC now owns 309,350 shares of the financial services provider’s stock valued at $13,079,000 after buying an additional 34,203 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB stock opened at $44.34 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.92. The firm has a 50 day moving average of $45.02 and a two-hundred day moving average of $42.82. The company has a market capitalization of $29.73 billion, a price-to-earnings ratio of 14.73, a P/E/G ratio of 1.79 and a beta of 1.24. Fifth Third Bancorp has a 12 month low of $32.29 and a 12 month high of $49.07.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 16.58% and a return on equity of 14.58%. The company had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.16 billion. During the same period last year, the company earned $0.92 earnings per share. Fifth Third Bancorp’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts anticipate that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 49.17%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FITB. Baird R W lowered shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Barclays boosted their price target on shares of Fifth Third Bancorp from $51.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Citigroup boosted their target price on shares of Fifth Third Bancorp from $43.00 to $52.00 and gave the stock a “neutral” rating in a research note on Friday, November 22nd. Piper Sandler boosted their price target on shares of Fifth Third Bancorp from $49.00 to $54.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Finally, Truist Financial started coverage on shares of Fifth Third Bancorp in a research note on Tuesday, January 7th. They set a “buy” rating and a $51.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $45.92.

Insider Buying and Selling

In related news, EVP Kristine R. Garrett sold 7,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $43.67, for a total transaction of $327,525.00. Following the transaction, the executive vice president now owns 55,913 shares of the company’s stock, valued at $2,441,720.71. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

About Fifth Third Bancorp

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.