Basswood Capital Management L.L.C. purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB – Free Report) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 261,521 shares of the financial services provider’s stock, valued at approximately $14,742,000.
A number of other institutional investors also recently modified their holdings of FITB. Center for Financial Planning Inc. acquired a new position in Fifth Third Bancorp in the 1st quarter valued at $25,000. SouthState Bank Corp raised its holdings in Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 236 shares during the period. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp during the 4th quarter worth $29,000. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the 2nd quarter worth $29,000. Finally, Leonteq Securities AG bought a new stake in Fifth Third Bancorp during the fourth quarter valued at about $30,000. Institutional investors own 83.79% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on FITB shares. DA Davidson raised their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. Weiss Ratings upgraded Fifth Third Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, June 1st. Stephens initiated coverage on Fifth Third Bancorp in a report on Monday, June 15th. They issued an “equal weight” rating and a $58.00 target price on the stock. Finally, Royal Bank Of Canada lifted their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, July 20th. One 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.54.
Fifth Third Bancorp Stock Performance
NASDAQ FITB opened at $55.22 on Thursday. The company’s fifty day moving average is $56.66 and its two-hundred day moving average is $52.00. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week 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 firm has a market capitalization of $50.08 billion, a price-to-earnings ratio of 18.53, a P/E/G ratio of 1.09 and a beta of 0.91.
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 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 company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the company posted $0.88 EPS. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. Equities research analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current year.
Fifth Third Bancorp Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is 54.61%.
About Fifth Third Bancorp
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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