Maltin Wealth Management Inc. Acquires New Stake in Fifth Third Bancorp (NASDAQ:FITB)

Maltin Wealth Management Inc. bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 9,187 shares of the financial services provider’s stock, valued at approximately $241,000.

A number of other institutional investors have also added to or reduced their stakes in FITB. Morningstar Investment Services LLC raised its stake in Fifth Third Bancorp by 1.2% in the fourth quarter. Morningstar Investment Services LLC now owns 22,937 shares of the financial services provider’s stock valued at $759,000 after purchasing an additional 276 shares in the last quarter. Penserra Capital Management LLC lifted its holdings in shares of Fifth Third Bancorp by 8.7% during the 4th quarter. Penserra Capital Management LLC now owns 3,568 shares of the financial services provider’s stock worth $116,000 after acquiring an additional 285 shares during the last quarter. CIBC Asset Management Inc grew its position in Fifth Third Bancorp by 0.3% in the fourth quarter. CIBC Asset Management Inc now owns 121,171 shares of the financial services provider’s stock worth $3,976,000 after acquiring an additional 313 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its position in Fifth Third Bancorp by 1.7% during the third quarter. Mercer Global Advisors Inc. ADV now owns 18,752 shares of the financial services provider’s stock valued at $599,000 after purchasing an additional 321 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its stake in Fifth Third Bancorp by 1.5% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 25,098 shares of the financial services provider’s stock worth $823,000 after purchasing an additional 370 shares during the last quarter. 77.96% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Trading Down 1.3 %

FITB stock traded down $0.35 during trading on Monday, reaching $27.09. The company had a trading volume of 579,401 shares, compared to its average volume of 5,269,944. The business has a 50 day moving average of $27.21 and a 200 day moving average of $26.76. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.79 and a quick ratio of 0.78. The company has a market cap of $18.45 billion, a P/E ratio of 7.70, a PEG ratio of 1.00 and a beta of 1.21. Fifth Third Bancorp has a 52 week low of $22.11 and a 52 week high of $38.06.

Fifth Third Bancorp (NASDAQ:FITB) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.83 by ($0.01). The firm had revenue of $3.10 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Fifth Third Bancorp had a return on equity of 16.92% and a net margin of 22.66%. During the same period in the previous year, the company earned $0.79 earnings per share. As a group, sell-side analysts forecast that Fifth Third Bancorp will post 3.34 earnings per share for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Saturday, September 30th will be given a dividend of $0.35 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date is Thursday, September 28th. Fifth Third Bancorp’s dividend payout ratio (DPR) is 37.50%.

Wall Street Analyst Weigh In

FITB has been the topic of a number of research reports. Barclays decreased their price objective on Fifth Third Bancorp from $36.00 to $34.00 in a report on Tuesday, June 27th. The Goldman Sachs Group increased their target price on shares of Fifth Third Bancorp from $30.00 to $34.00 and gave the company a “buy” rating in a report on Friday, July 21st. Stephens restated an “overweight” rating and set a $31.00 price target on shares of Fifth Third Bancorp in a research report on Friday, July 21st. Royal Bank of Canada decreased their price objective on Fifth Third Bancorp from $36.00 to $34.00 and set an “outperform” rating on the stock in a report on Friday, July 21st. Finally, Piper Sandler dropped their price objective on Fifth Third Bancorp from $32.00 to $31.00 in a research note on Thursday, June 15th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.50.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as a diversified financial services company in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management. The company's Commercial Banking segment offers credit intermediation, cash management, and financial services; lending and depository products; and cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing, and syndicated finance for business, government, and professional customers.