Eaton Vance Management lifted its stake in Fifth Third Bancorp (NASDAQ:FITB) by 0.8% during the first quarter, HoldingsChannel reports. The fund owned 2,353,536 shares of the financial services provider’s stock after purchasing an additional 18,547 shares during the quarter. Eaton Vance Management’s holdings in Fifth Third Bancorp were worth $88,140,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Certified Advisory Corp acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $29,000. Crescent Capital Consulting LLC acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $30,000. Piscataqua Savings Bank acquired a new position in shares of Fifth Third Bancorp in the first quarter worth $32,000. Private Capital Group LLC increased its stake in shares of Fifth Third Bancorp by 131.2% in the first quarter. Private Capital Group LLC now owns 897 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 509 shares during the last quarter. Finally, Vantage Consulting Group Inc acquired a new position in shares of Fifth Third Bancorp in the fourth quarter worth $27,000. 79.13% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Mitchell Feiger sold 104,044 shares of the stock in a transaction dated Monday, May 3rd. The shares were sold at an average price of $40.82, for a total value of $4,247,076.08. Also, President Timothy Spence sold 25,603 shares of the stock in a transaction dated Tuesday, May 11th. The stock was sold at an average price of $41.65, for a total transaction of $1,066,364.95. Following the completion of the transaction, the president now directly owns 162,918 shares of the company’s stock, valued at approximately $6,785,534.70. The disclosure for this sale can be found here. Insiders have sold 135,079 shares of company stock valued at $5,529,625 in the last ninety days. 0.66% of the stock is owned by company insiders.
Fifth Third Bancorp (NASDAQ:FITB) last announced its quarterly earnings data on Monday, April 19th. The financial services provider reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.24. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Fifth Third Bancorp had a net margin of 25.12% and a return on equity of 10.84%. During the same quarter in the prior year, the business earned $0.04 earnings per share. Equities research analysts predict that Fifth Third Bancorp will post 3.48 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date was Tuesday, June 29th. Fifth Third Bancorp’s dividend payout ratio is currently 50.00%.
A number of equities research analysts recently issued reports on FITB shares. Jefferies Financial Group reiterated a “buy” rating and issued a $46.00 price objective on shares of Fifth Third Bancorp in a report on Friday, May 7th. Keefe, Bruyette & Woods cut shares of Fifth Third Bancorp from an “outperform” rating to a “market perform” rating in a report on Wednesday, July 7th. Zacks Investment Research cut shares of Fifth Third Bancorp from a “buy” rating to a “hold” rating and set a $44.00 price objective for the company. in a report on Tuesday, May 11th. Wolfe Research upped their price objective on shares of Fifth Third Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, March 25th. Finally, Morgan Stanley upped their price objective on shares of Fifth Third Bancorp from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Thursday, April 29th. Eight investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $38.71.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of March 31, 2021, the Company had $207 billion in assets and operates 1,098 full-service Banking Centers, and 2,383 Fifth Third branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina.
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