Sigma Planning Corp Increases Stock Position in Fifth Third Bancorp $FITB

Sigma Planning Corp lifted its holdings in shares of Fifth Third Bancorp (NASDAQ:FITBFree Report) by 88.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,560 shares of the financial services provider’s stock after purchasing an additional 10,580 shares during the period. Sigma Planning Corp’s holdings in Fifth Third Bancorp were worth $1,272,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD grew 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 during the last quarter. Capital World Investors raised its holdings in shares of Fifth Third Bancorp by 5.6% in the fourth 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 during the last quarter. State Street Corp lifted its position 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 acquiring an additional 101,245 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake 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 valued at $1,120,586,000 after acquiring an additional 530,489 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Fifth Third Bancorp by 12.1% during the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider’s stock valued at $1,114,046,000 after acquiring an additional 2,574,712 shares during the last quarter. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FITB has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. DA Davidson raised their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Truist Financial lifted their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. JPMorgan Chase & Co. upped their price objective on shares of Fifth Third Bancorp from $61.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. One 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.54.

Read Our Latest Stock Report on FITB

Fifth Third Bancorp Stock Down 1.3%

Shares of NASDAQ FITB opened at $53.85 on Tuesday. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The firm has a fifty day moving average of $56.74 and a 200-day moving average of $51.99. The stock has a market capitalization of $48.84 billion, a PE ratio of 18.07, 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:FITBGet Free Report) last released 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). The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.88 earnings per share. On average, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company 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 annualized dividend and a dividend yield of 3.0%. 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

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fifth Third Bancorp (NASDAQ:FITB)

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