NewEdge Wealth LLC Invests $812,000 in Fifth Third Bancorp $FITB

NewEdge Wealth LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the third quarter, Holdings Channel reports. The fund purchased 19,109 shares of the financial services provider’s stock, valued at approximately $812,000.

A number of other large investors have also recently bought and sold shares of FITB. Evolution Wealth Management Inc. acquired a new position in Fifth Third Bancorp during the second quarter worth $26,000. Westside Investment Management Inc. boosted its stake in shares of Fifth Third Bancorp by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 584 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 292 shares in the last quarter. United Community Bank increased its holdings in shares of Fifth Third Bancorp by 581.0% during the 3rd quarter. United Community Bank now owns 681 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 581 shares during the last quarter. GoalVest Advisory LLC raised its stake in shares of Fifth Third Bancorp by 246.3% in the 2nd quarter. GoalVest Advisory LLC now owns 748 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 532 shares in the last quarter. Finally, Legacy Investment Solutions LLC acquired a new stake in Fifth Third Bancorp in the 2nd quarter worth approximately $32,000. 83.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FITB shares. Wells Fargo & Company increased their price target on Fifth Third Bancorp from $52.00 to $58.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Evercore raised their target price on shares of Fifth Third Bancorp from $52.00 to $57.00 and gave the company an “in-line” rating in a research note on Thursday, February 5th. Piper Sandler lifted their target price on shares of Fifth Third Bancorp from $50.00 to $57.00 and gave the stock an “overweight” rating in a report on Wednesday, January 21st. Barclays boosted their target price on shares of Fifth Third Bancorp from $51.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, January 5th. Finally, Robert W. Baird raised their price target on Fifth Third Bancorp from $50.00 to $55.00 in a research report on Wednesday, December 17th. Sixteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $56.56.

Fifth Third Bancorp Price Performance

Shares of Fifth Third Bancorp stock opened at $50.71 on Tuesday. The firm has a fifty day moving average price of $50.35 and a two-hundred day moving average price of $46.12. Fifth Third Bancorp has a fifty-two week low of $32.25 and a fifty-two week high of $55.44. The company has a debt-to-equity ratio of 0.68, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market cap of $33.52 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 1.09 and a beta of 0.98.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Tuesday, November 4th. The financial services provider reported $0.91 earnings per share for the quarter. Fifth Third Bancorp had a net margin of 19.50% and a return on equity of 13.53%. The business had revenue of $3.82 billion during the quarter. Analysts expect that Fifth Third Bancorp will post 3.68 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Wednesday, December 31st. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 45.20%.

Insider Activity

In other news, EVP Jude Schramm sold 2,250 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $48.50, for a total transaction of $109,125.00. Following the sale, the executive vice president directly owned 129,191 shares in the company, valued at approximately $6,265,763.50. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Fifth Third Bancorp Profile

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.