Empowered Funds LLC boosted its position in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 187.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 50,073 shares of the financial services provider’s stock after buying an additional 32,668 shares during the quarter. Empowered Funds LLC’s holdings in Fifth Third Bancorp were worth $2,326,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Cullen Frost Bankers Inc. raised its position in shares of Fifth Third Bancorp by 4.6% during the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider’s stock valued at $199,000 after acquiring an additional 187 shares during the last quarter. Equitable Holdings Inc. grew its holdings in Fifth Third Bancorp by 4.1% during the fourth quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider’s stock valued at $232,000 after purchasing an additional 195 shares during the period. Koshinski Asset Management Inc. boosted its position in shares of Fifth Third Bancorp by 3.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 206 shares in the last quarter. Legacy Wealth Managment LLC ID boosted its position in shares of Fifth Third Bancorp by 19.2% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 212 shares in the last quarter. Finally, Keybank National Association OH grew its holdings in shares of Fifth Third Bancorp by 0.3% in the 4th quarter. Keybank National Association OH now owns 64,416 shares of the financial services provider’s stock valued at $3,015,000 after buying an additional 214 shares during the period. Institutional investors own 83.79% of the company’s stock.
Analysts Set New Price Targets
FITB has been the topic of a number of research analyst reports. Jefferies Financial Group raised their price target on Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, April 8th. DA Davidson increased their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. The Goldman Sachs Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Bank of America upped their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.54.
Fifth Third Bancorp Trading Down 0.4%
Shares of NASDAQ:FITB opened at $57.56 on Thursday. The company’s 50-day moving average price is $55.26 and its two-hundred day moving average price is $51.44. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The stock has a market capitalization of $52.17 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.01). The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. Fifth Third Bancorp’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 EPS. On average, equities analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.
Fifth Third Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.
Fifth Third Bancorp Company Profile
Fifth Third Bancorp is a Cincinnati, Ohio–based bank holding company whose primary banking subsidiary operates as Fifth Third Bank. The company provides a broad range of financial services to individual consumers, small businesses, middle-market companies and large corporations. Its business mix includes retail and commercial banking, lending, payment and card services, treasury and cash management, and wealth management and investment advisory services delivered through a combination of branch locations, commercial offices and digital platforms.
On the consumer side, Fifth Third offers deposit accounts, consumer loans, mortgages, auto financing and credit card products, along with digital banking and mobile services.
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