13,737 shares in Fifth Third Bancorp (NASDAQ:FITB) acquired by Choreo LLC

VaselineSeptember 16, 2024

0 4 minutes read

13,737 shares in Fifth Third Bancorp (NASDAQ:FITB) acquired by Choreo LLC

Fifth Third Bancorp logo Choreo LLC bought a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 13,737 shares of the financial services provider’s stock, valued at approximately $498,000.

A number of other hedge funds have also recently modified their holdings of the company. Financial Synergies Wealth Advisors Inc. acquired a new position in Fifth Third Bancorp in the first quarter valued at $29,000. American Capital Advisory LLC purchased a new position in Fifth Third Bancorp in the second quarter valued at about $34,000. Centerpoint Advisors LLC boosted its holdings in Fifth Third Bancorp by 125.0% in the first quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 750 shares in the last quarter. Family Firm Inc. purchased a new stake in Fifth Third Bancorp in the second quarter valued at about $52,000. Finally, Blue Trust Inc. boosted its holdings in shares of Fifth Third Bancorp by 130.6% in the second quarter. Blue Trust Inc. now owns 1,614 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 914 shares during the period. Institutional investors own 83.79% of the company’s shares.

Analyst upgrades and downgrades

A number of equities research analysts have covered the company. StockNews.com raised Fifth Third Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 13th. Wolfe Research raised shares of Fifth Third Bancorp from a “peer perform” rating to an “outperform” rating and set a $43.00 price objective for the company in a research note on Friday, May 31st. Stephens reiterated an “equal weight” rating and set a $41.00 target price on shares of Fifth Third Bancorp in a report on Tuesday, June 11th. Argus upped their target price on shares of Fifth Third Bancorp from $42.00 to $46.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Evercore ISI decreased their price objective on shares of Fifth Third Bancorp from $42.00 to $41.00 and set an “in-line” rating on the stock in a research note on Tuesday , June 25. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Fifth Third Bancorp currently has an average rating of “Moderate Buy” and an average price target of $40.56, based on data from MarketBeat.

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Indoor activity

In other Fifth Third Bancorp news, EVP Kevin P. Lavender sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $41.77, for a total value of $835,400.00. Following the sale, the executive vice president now directly owns 125,087 shares of the company’s stock, valued at $5,224,883.99. The transaction was disclosed in a filing with the SEC, which is available on the SEC’s website. In related news, EVP Jude Schramm sold 2,500 shares of the firm’s stock in a transaction dated 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 owns 134,422 shares in the company, valued at $5,376,880. The transaction was disclosed in a filing with the SEC, which can be accessed via this link. Also, EVP Kevin P. Lavender sold 20,000 shares of the business’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 owns 125,087 shares of the company’s stock, valued at approximately $5,224,883.99. The disclosure for this sale can be found here. Insiders have sold 54,500 shares of company stock worth $2,269,920 over the last ninety days. Insiders own 0.50% of the company’s shares.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $42.07 on Monday. 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’s fifty day moving average price is $40.60 and its 200 day moving average price is $37.90. Fifth Third Bancorp has a 1 year low of $22.49 and a 1 year high of $42.91. The firm has a market cap of $28.78 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 1.93 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB – Get Free Report ) last posted its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The company had revenue of $3.32 billion for the quarter, compared to analysts’ expectations of $2.11 billion. In the same quarter last year, the firm posted EPS of $0.87. On average, equities research analysts predict that Fifth Third Bancorp will post 3.3 EPS for the current year.

Fifth Third Bancorp raises dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.37 per share. This represents an annualized dividend of $1.48 and a yield of 3.52%. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. The ex-dividend date is Monday, September 30. Fifth Third Bancorp’s payout ratio is currently 46.98%.

About Fifth Third Bancorp

(Free report)

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, the National Association engaged in providing 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.