Johnson Financial Group Inc. acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 10,456 shares of the financial services provider’s stock, valued at approximately $594,000.
Other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new stake in shares of Fifth Third Bancorp in the second quarter valued at approximately $1,324,903,000. Norges Bank bought a new position in Fifth Third Bancorp in the fourth quarter worth approximately $649,264,000. Price T Rowe Associates Inc. MD increased its holdings in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider’s stock worth $1,664,013,000 after purchasing an additional 10,444,799 shares during the period. Clearbridge Investments LLC raised its position in Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider’s stock valued at $140,993,000 after purchasing an additional 2,644,332 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth $145,232,000. 83.79% of the stock is currently owned by institutional investors.
Fifth Third Bancorp Trading Down 4.1%
FITB opened at $54.96 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm has a market cap of $49.84 billion, a price-to-earnings ratio of 18.44, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The stock has a fifty day moving average price of $56.52 and a 200-day moving average price of $51.92.
Fifth Third Bancorp Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp’s dividend payout ratio (DPR) is currently 54.61%.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on FITB. Royal Bank Of Canada raised their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, July 20th. Morgan Stanley upped their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Citigroup increased their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company upped their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.
Get Our Latest Analysis on FITB
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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