52,975 Shares in Fifth Third Bancorp $FITB Purchased by Commerce Bank

Key Points

• Commerce Bank acquired 52,975 shares of Fifth Third Bancorp during the second quarter, worth approximately $2.99 million. Institutional investors collectively own 83.79% of FITB’s outstanding shares.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, while earnings per share of $0.83 narrowly missed analysts’ $0.84 estimate.
• The bank maintains a quarterly dividend of $0.40 per share, equating to a 2.9% annualized yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $60.54, compared with a $54.91 share price.

Commerce Bank acquired a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 52,975 shares of the financial services provider's stock, valued at approximately $2,986,000.

Several other hedge funds have also recently bought and sold shares of FITB. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp during the 1st quarter worth approximately $25,000. SouthState Bank Corp increased its stake 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 valued at $26,000 after acquiring an additional 236 shares during the last quarter. Monetary Solutions Ltd acquired a new position in Fifth Third Bancorp during the fourth quarter valued at approximately $29,000. Clearstead Trust LLC acquired a new position in Fifth Third Bancorp during the second quarter valued at approximately $29,000. Finally, Leonteq Securities AG bought a new stake in Fifth Third Bancorp during the fourth quarter worth $30,000. 83.79% of the stock is owned by institutional investors.

Fifth Third Bancorp Stock Up 0.2%

Shares of NASDAQ:FITB opened at $54.91 on Tuesday. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50. The company has a market capitalization of $49.80 billion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a fifty day moving average of $56.58 and a 200-day moving average of $51.98.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share for the quarter, missing the consensus estimate 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 net margin of 15.89% and a return on equity of 12.39%. The company's revenue was up 45.8% compared to the same quarter last year. During the same period last year, the business earned $0.88 EPS. On average, equities analysts predict 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. Shareholders of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 54.61%.

Analyst Ratings Changes

Several brokerages have recently issued reports on FITB. Zacks Research lowered Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Bank of America upped their price objective on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. JPMorgan Chase & Co. boosted their target price on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Finally, Stephens began coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They set an "equal weight" rating and a $58.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Fifth Third Bancorp 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.

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