Tanager Wealth Management LLP Makes New Investment in Fifth Third Bancorp (NASDAQ:FITB)

Tanager Wealth Management LLP acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,830 shares of the financial services provider’s stock, valued at approximately $210,000.

Other hedge funds have also recently modified their holdings of the company. Hexagon Capital Partners LLC lifted its position in Fifth Third Bancorp by 56.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 860 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 312 shares during the period. American Capital Advisory LLC purchased a new position in shares of Fifth Third Bancorp during the second quarter valued at approximately $34,000. Centerpoint Advisors LLC boosted its position in shares of Fifth Third Bancorp by 125.0% in the 1st quarter. Centerpoint Advisors LLC now owns 1,350 shares of the financial services provider’s stock worth $50,000 after purchasing an additional 750 shares in the last quarter. Family Firm Inc. purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth approximately $52,000. Finally, West Oak Capital LLC bought a new position in Fifth Third Bancorp during the 3rd quarter valued at approximately $68,000. Institutional investors own 83.79% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Jude Schramm sold 20,000 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 114,422 shares of the company’s stock, valued at $4,805,724. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by company insiders.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $43.87 on Thursday. Fifth Third Bancorp has a 12-month low of $22.49 and a 12-month high of $45.71. The firm has a market capitalization of $30.01 billion, a price-to-earnings ratio of 13.93, a price-to-earnings-growth ratio of 1.94 and a beta of 1.22. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.95. The firm has a 50 day moving average of $42.40 and a 200 day moving average of $39.27.

Fifth Third Bancorp (NASDAQ:FITB) last posted its quarterly earnings data on Friday, October 18th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.05). Fifth Third Bancorp had a return on equity of 15.79% and a net margin of 17.41%. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter last year, the company earned $0.92 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, research analysts anticipate that Fifth Third Bancorp will post 3.31 earnings per share for the current year.

Fifth Third Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.37 per share. The ex-dividend date was Monday, September 30th. This is an increase from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.37%. Fifth Third Bancorp’s payout ratio is 46.98%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FITB shares. Jefferies Financial Group increased their target price on Fifth Third Bancorp from $42.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. Bank of America upped their target price on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Morgan Stanley raised their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Monday, September 30th. Baird R W cut Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday. Finally, Argus lifted their target price on Fifth Third Bancorp from $42.00 to $46.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.28.

About Fifth Third Bancorp

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.