46,299 Shares in Fifth Third Bancorp $FITB Purchased by Empowered Funds LLC

Empowered Funds LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 46,299 shares of the financial services provider's stock, valued at approximately $2,610,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. United Capital Financial Advisors LLC acquired a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at approximately $4,131,000. Bank OZK acquired a new stake in Fifth Third Bancorp in the second quarter valued at $343,000. Equitable Holdings Inc. purchased a new stake in shares of Fifth Third Bancorp during the 2nd quarter worth $1,413,000. Public Employees Retirement System of Ohio acquired a new position in shares of Fifth Third Bancorp during the 2nd quarter worth $15,784,000. Finally, Proficio Capital Partners LLC purchased a new position in Fifth Third Bancorp in the second quarter valued at about $384,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FITB. JPMorgan Chase & Co. lifted their price objective on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Bank of America lifted their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Wells Fargo & Company boosted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the 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 Up 2.7%

Shares of NASDAQ:FITB opened at $54.44 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The stock has a market capitalization of $49.37 billion, a P/E ratio of 18.27, a PEG ratio of 1.09 and a beta of 0.89. The stock has a 50-day simple moving average of $56.69 and a 200-day simple moving average of $51.99.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced 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 return on equity of 12.39% and a net margin of 15.89%.The business had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.24 billion. During the same period last year, the company posted $0.88 earnings per share. The firm's revenue for the quarter was up 45.8% on a year-over-year basis. Equities analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. 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%.

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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