Impact Partnership Wealth LLC Invests $680,000 in Fifth Third Bancorp (NASDAQ:FITB)

Impact Partnership Wealth LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,876 shares of the financial services provider’s stock, valued at approximately $680,000.

A number of other hedge funds also recently made changes to their positions in FITB. Quent Capital LLC lifted its holdings in Fifth Third Bancorp by 9.9% during the third quarter. Quent Capital LLC now owns 2,745 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 248 shares in the last quarter. Diversified Trust Co boosted its holdings in Fifth Third Bancorp by 2.6% in the 3rd quarter. Diversified Trust Co now owns 10,098 shares of the financial services provider’s stock worth $433,000 after buying an additional 259 shares during the period. Bailard Inc. increased its stake in Fifth Third Bancorp by 0.5% in the 2nd quarter. Bailard Inc. now owns 51,657 shares of the financial services provider’s stock worth $1,885,000 after buying an additional 264 shares in the last quarter. Lockerman Financial Group Inc. raised its holdings in Fifth Third Bancorp by 3.9% during the third quarter. Lockerman Financial Group Inc. now owns 6,985 shares of the financial services provider’s stock valued at $299,000 after acquiring an additional 264 shares during the period. Finally, Ballentine Partners LLC raised its holdings in Fifth Third Bancorp by 2.0% during the second quarter. Ballentine Partners LLC now owns 14,050 shares of the financial services provider’s stock valued at $513,000 after acquiring an additional 278 shares during the period. 83.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FITB has been the subject of several research reports. Royal Bank of Canada increased their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. Bank of America boosted 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. Evercore ISI lifted their price target on Fifth Third Bancorp from $46.00 to $47.00 and gave the stock an “in-line” rating in a research report on Wednesday, October 2nd. Jefferies Financial Group raised their price objective on Fifth Third Bancorp from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. Finally, Argus increased their price target on Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Fifth Third Bancorp has an average rating of “Moderate Buy” and a consensus price target of $42.28.

Fifth Third Bancorp Trading Up 0.0 %

NASDAQ:FITB traded up $0.01 during midday trading on Thursday, hitting $43.88. The stock had a trading volume of 115,208 shares, compared to its average volume of 4,596,574. The stock has a 50-day moving average of $42.40 and a 200 day moving average of $39.27. The company has a market capitalization of $30.02 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 1.94 and a beta of 1.22. Fifth Third Bancorp has a one year low of $22.49 and a one year high of $45.71. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.95.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. Fifth Third Bancorp’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.92 EPS. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.31 EPS for the current year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $0.37 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 3.37%. This is a positive change from Fifth Third Bancorp’s previous quarterly dividend of $0.35. Fifth Third Bancorp’s payout ratio is currently 46.98%.

Insider Transactions at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total value of $840,000.00. Following the completion of the transaction, the executive vice president now owns 114,422 shares of the company’s stock, valued at $4,805,724. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Fifth Third Bancorp Company 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.