Future Financial Wealth Managment LLC Buys Shares of 3,813 Fifth Third Bancorp (NASDAQ:FITB)

Future Financial Wealth Managment LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to its most recent filing with the SEC. The fund purchased 3,813 shares of the financial services provider’s stock, valued at approximately $163,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Park National Corp OH raised its stake in Fifth Third Bancorp by 15.0% during the second quarter. Park National Corp OH now owns 41,503 shares of the financial services provider’s stock valued at $1,514,000 after buying an additional 5,411 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Fifth Third Bancorp by 8.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 291,188 shares of the financial services provider’s stock worth $10,043,000 after purchasing an additional 21,612 shares during the period. M&G Plc acquired a new stake in shares of Fifth Third Bancorp during the second quarter worth approximately $1,254,000. Plato Investment Management Ltd purchased a new position in Fifth Third Bancorp in the first quarter valued at about $639,000. Finally, Russell Investments Group Ltd. grew its position in Fifth Third Bancorp by 9.1% in the first quarter. Russell Investments Group Ltd. now owns 313,324 shares of the financial services provider’s stock worth $11,657,000 after acquiring an additional 26,194 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.

Fifth Third Bancorp Stock Performance

FITB opened at $41.99 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $28.72 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 2.03 and a beta of 1.22. The business has a fifty day simple moving average of $41.48 and a 200 day simple moving average of $38.69. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $43.85.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $2.11 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. During the same period in the prior year, the company earned $0.87 EPS. Research analysts expect that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, September 30th. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 annualized dividend and a dividend yield of 3.52%. Fifth Third Bancorp’s payout ratio is 46.98%.

Insider Buying and Selling

In related news, EVP Jude Schramm sold 2,500 shares of Fifth Third Bancorp stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the sale, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the sale, the executive vice president now directly owns 134,422 shares in the company, valued at $5,376,880. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kevin P. Lavender sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total transaction of $835,400.00. Following the completion of the transaction, the executive vice president now directly owns 125,087 shares in the company, valued at approximately $5,224,883.99. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,500 shares of company stock worth $2,269,920 in the last three months. 0.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FITB has been the topic of a number of recent research reports. Argus lifted their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Morgan Stanley upped their price objective on Fifth Third Bancorp from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Stephens restated an “equal weight” rating and issued a $41.00 price objective on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Jefferies Financial Group increased their price target on shares of Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, July 3rd. Finally, Bank of America lifted their price target on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $41.78.

Fifth Third Bancorp Profile

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.