Sapient Capital LLC boosted its holdings in Fifth Third Bancorp (NASDAQ:FITB – Free Report) by 5.9% in the second quarter, Holdings Channel reports. The institutional investor owned 230,945 shares of the financial services provider’s stock after buying an additional 12,912 shares during the period. Sapient Capital LLC’s holdings in Fifth Third Bancorp were worth $13,111,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the business. Cullen Frost Bankers Inc. increased its position in Fifth Third Bancorp by 4.6% in 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 period. Equitable Holdings Inc. lifted its holdings in shares of 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 worth $232,000 after purchasing an additional 195 shares during the period. Basecamp Wealth Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 5.5% during the first quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider’s stock worth $180,000 after purchasing an additional 201 shares during the period. Koshinski Asset Management Inc. grew its stake in shares of Fifth Third Bancorp by 3.1% in 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 during the last quarter. Finally, Legacy Wealth Managment LLC ID grew its stake in shares of Fifth Third Bancorp by 19.2% in 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 during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research analysts recently issued reports on the company. UBS Group raised their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Barclays upped their price target on Fifth Third Bancorp from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Wall Street Zen raised Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 10th. Stephens initiated coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an “equal weight” rating and a $58.00 price objective for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $60.54.
Fifth Third Bancorp Price Performance
Shares of NASDAQ FITB opened at $57.01 on Monday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The firm has a fifty day simple moving average of $55.55 and a 200 day simple moving average of $51.55. The company has a market capitalization of $51.70 billion, a PE ratio of 19.13, a P/E/G ratio of 1.09 and a beta of 0.91. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last issued its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same period last year, the company posted $0.88 EPS. The business’s revenue was up 45.8% compared to the same quarter last year. On average, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.
Fifth Third Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp’s payout ratio 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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