19,259 Shares in Fifth Third Bancorp $FITB Acquired by Evolve Private Wealth LLC

Key Points

• Evolve Private Wealth LLC acquired 19,259 shares of Fifth Third Bancorp worth approximately $1.09 million, while institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 narrowly missed analyst expectations of $0.84.
• The bank maintains a quarterly dividend of $0.40 per share, equivalent to a 2.9% yield, and analysts hold a consensus “Moderate Buy” rating with an average price target of $60.54.

Evolve Private Wealth LLC purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 19,259 shares of the financial services provider's stock, valued at approximately $1,093,000.

A number of other institutional investors also recently modified their holdings of the company. Cullen Frost Bankers Inc. lifted its stake in shares of Fifth Third Bancorp by 4.6% in the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider's stock worth $199,000 after buying an additional 187 shares during the last quarter. Equitable Holdings Inc. grew its stake in Fifth Third Bancorp by 4.1% in the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock valued at $232,000 after buying an additional 195 shares during the last quarter. Basecamp Wealth Advisors LLC raised its holdings in Fifth Third Bancorp by 5.5% in the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock worth $180,000 after acquiring an additional 201 shares during the period. Koshinski Asset Management Inc. lifted its position in Fifth Third Bancorp by 3.1% during the 4th quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock worth $322,000 after acquiring an additional 206 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID lifted its position in Fifth Third Bancorp by 19.2% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock worth $61,000 after acquiring an additional 212 shares during the last quarter. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $54.76 on Monday. The business has a 50 day simple moving average of $56.54 and a 200 day simple moving average of $51.97. 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 company has a market capitalization of $49.66 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (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 the consensus estimate of $3.24 billion. During the same period in the previous year, the business posted $0.88 earnings per share. The firm's revenue was up 45.8% compared to the same quarter last year. On average, sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp's dividend payout ratio (DPR) is 54.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. UBS Group lifted their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. Bank of America increased their price objective 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. Robert W. Baird boosted their target price on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. DA Davidson increased their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. Finally, Argus upgraded shares of Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. 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 data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.54.

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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source