Northwestern Mutual Wealth Management Co. purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB – Free Report) during the second quarter, HoldingsChannel.com reports. The fund purchased 73,572 shares of the financial services provider’s stock, valued at approximately $4,147,000.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Fifth Third Bancorp by 0.8% in the 4th 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 period. Price T Rowe Associates Inc. MD raised its stake in shares of Fifth Third Bancorp by 41.6% in 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 purchasing an additional 10,444,799 shares during the period. Capital World Investors raised its stake in shares of 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 valued at $1,523,650,000 after purchasing an additional 1,719,361 shares during the period. State Street Corp lifted its holdings in shares of Fifth Third Bancorp by 0.3% in the fourth quarter. State Street Corp now owns 31,437,600 shares of the financial services provider’s stock valued at $1,484,021,000 after purchasing an additional 101,245 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Fifth Third Bancorp by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 23,939,023 shares of the financial services provider’s stock valued at $1,120,586,000 after purchasing an additional 530,489 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on FITB shares. Wells Fargo & Company upped their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Morgan Stanley boosted 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 report on Monday, June 29th. Wall Street Zen upgraded shares of Fifth Third Bancorp from a “strong sell” rating to a “sell” rating in a report on Sunday, May 10th. Truist Financial raised their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, June 24th. Finally, Stephens started coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp presently has an average rating of “Moderate Buy” and an average price target of $60.54.
Fifth Third Bancorp Stock Performance
Shares of NASDAQ FITB opened at $54.76 on Monday. 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 company has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a P/E/G 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 50 day moving average of $56.54 and a 200-day moving average of $51.97.
Fifth Third Bancorp (NASDAQ:FITB – Get Free Report) last posted its quarterly 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 net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the company posted $0.88 EPS. The firm’s revenue was up 45.8% on a year-over-year basis. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.
Fifth Third Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp’s dividend payout ratio is presently 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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