SkyOak Wealth LLC Has $550,000 Stock Holdings in Fifth Third Bancorp $FITB

SkyOak Wealth LLC decreased its stake in Fifth Third Bancorp (NASDAQ:FITB) by 82.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,756 shares of the financial services provider’s stock after selling 45,927 shares during the quarter. SkyOak Wealth LLC’s holdings in Fifth Third Bancorp were worth $550,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of FITB. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp during the 1st quarter valued at $25,000. SouthState Bank Corp raised its holdings in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Monetary Solutions Ltd acquired a new stake in Fifth Third Bancorp during the fourth quarter valued at $29,000. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the second quarter valued at $29,000. Finally, Leonteq Securities AG purchased a new position in Fifth Third Bancorp in the fourth quarter valued at about $30,000. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $53.01 on Wednesday. The stock has a market capitalization of $48.07 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.09 and a beta of 0.91. The business has a 50-day moving average of $56.71 and a two-hundred day moving average of $51.98. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company posted $0.88 EPS. The business’s revenue was up 45.8% on a year-over-year basis. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 3.0%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 54.61%.

Analyst Ratings Changes

FITB has been the topic of several research reports. DA Davidson upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Robert W. Baird increased their price objective on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Monday, June 8th. Bank of America raised their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.54.

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.