Shelton Wealth Management LLC Takes $683,000 Position in Fifth Third Bancorp $FITB

Shelton Wealth Management LLC bought a new position in Fifth Third Bancorp (NASDAQ:FITB) during the 1st quarter, Holdings Channel reports. The institutional investor bought 14,710 shares of the financial services provider’s stock, valued at approximately $683,000.

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

Analysts Set New Price Targets

Several research analysts have commented on FITB shares. Zacks Research lowered Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $57.00 target price on shares of Fifth Third Bancorp in a research note on Monday, May 4th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, June 1st. Piper Sandler reissued an “overweight” rating and set a $54.00 price target (down from $57.00) on shares of Fifth Third Bancorp in a research report on Monday, March 30th. Finally, UBS Group increased their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. Sixteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $59.11.

Insider Activity

In other Fifth Third Bancorp news, EVP Kevin J. Khanna sold 6,000 shares of the firm’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $50.77, for a total value of $304,620.00. Following the transaction, the executive vice president owned 76,299 shares of the company’s stock, valued at $3,873,700.23. This trade represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter L. Sefzik sold 20,000 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $50.46, for a total value of $1,009,200.00. Following the completion of the transaction, 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. Insiders own 0.51% of the company’s stock.

Fifth Third Bancorp Stock Performance

Shares of FITB traded up $0.34 during mid-day trading on Tuesday, hitting $58.23. The stock had a trading volume of 896,698 shares, compared to its average volume of 9,571,454. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $58.45. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a market cap of $52.77 billion, a PE ratio of 19.55, a PEG ratio of 1.09 and a beta of 0.90. The company’s fifty day simple moving average is $51.55 and its two-hundred day simple moving average is $49.96.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.83 earnings per share (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 business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.91 billion. During the same period in the prior year, the company posted $0.71 EPS. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is presently 53.69%.

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.