36,482 Shares in Fifth Third Bancorp $FITB Bought by HBK Sorce Advisory LLC

Key Points

• HBK Sorce Advisory LLC purchased 36,482 shares of Fifth Third Bancorp during the second quarter, valued at approximately $2.1 million. Institutional investors collectively own 83.79% of the company.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $60.54. Recent actions included upgrades from Truist Financial and Argus, while Zacks Research downgraded the stock to “hold.”
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings of $0.83 per share narrowly missed estimates. The bank also maintains a quarterly dividend of $0.40 per share, yielding approximately 2.8% annually.

HBK Sorce Advisory LLC purchased a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 36,482 shares of the financial services provider's stock, valued at approximately $2,101,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Center for Financial Planning Inc. purchased a new position in shares of Fifth Third Bancorp during the first quarter valued at about $25,000. SouthState Bank Corp lifted its holdings in Fifth Third Bancorp by 74.7% in the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after buying an additional 236 shares during the period. Monetary Solutions Ltd purchased a new stake in Fifth Third Bancorp in the fourth quarter worth about $29,000. Clearstead Trust LLC bought a new stake in Fifth Third Bancorp during the 2nd quarter valued at approximately $29,000. Finally, Leonteq Securities AG bought a new stake in Fifth Third Bancorp during the 4th quarter valued at approximately $30,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FITB has been the topic of several research reports. Weiss Ratings upgraded Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, June 1st. Zacks Research downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Truist Financial raised their price objective on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, June 24th. Stephens initiated coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They set an "equal weight" rating and a $58.00 target price on the stock. Finally, Argus raised shares of Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $60.54.

Fifth Third Bancorp Stock Performance

Fifth Third Bancorp stock opened at $58.05 on Monday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month 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 has a market capitalization of $52.65 billion, a P/E ratio of 19.48, a PEG ratio of 1.09 and a beta of 0.91. The stock's 50 day moving average is $56.27 and its 200 day moving average is $51.78.

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 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 analysts' expectations of $3.24 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The firm's quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.8%. 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

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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