Van Hulzen Asset Management LLC acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 22,460 shares of the financial services provider’s stock, valued at approximately $1,266,000.
Several other hedge funds also recently bought and sold shares of FITB. Vanguard Group Inc. grew its holdings in shares of Fifth Third Bancorp by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 83,948,876 shares of the financial services provider’s stock worth $3,929,647,000 after purchasing an additional 637,207 shares during the last quarter. Price T Rowe Associates Inc. MD lifted 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 valued at $1,664,013,000 after buying an additional 10,444,799 shares in the last quarter. Capital World Investors grew its stake in Fifth Third Bancorp by 5.6% in the 4th quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider’s stock worth $1,523,650,000 after acquiring an additional 1,719,361 shares in the last quarter. State Street Corp grew its stake in Fifth Third Bancorp by 0.3% in the 4th quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock worth $1,484,021,000 after acquiring an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Fifth Third Bancorp by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock worth $1,120,586,000 after acquiring an additional 530,489 shares during the period. Institutional investors own 83.79% of the company’s stock.
Analyst Ratings Changes
Several research firms have recently weighed in on FITB. Zacks Research downgraded shares of Fifth Third Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Robert W. Baird lifted their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, June 8th. UBS Group upped their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Bank of America raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Finally, Argus upgraded Fifth Third Bancorp to a “strong-buy” rating in a report on Wednesday, July 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.54.
Fifth Third Bancorp Stock Performance
Shares of FITB stock opened at $54.91 on Tuesday. The firm has a market cap of $49.80 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company’s 50 day moving average is $56.58 and its 200 day moving average is $51.98.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.01). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the company earned $0.88 EPS. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. On average, sell-side analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.
Fifth Third Bancorp Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $0.40 per share. 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 is 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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