65,006 Shares in Fifth Third Bancorp $FITB Bought by Flputnam Investment Management Co.

Key Points

• Flputnam Investment Management acquired 65,006 shares of Fifth Third Bancorp during the second quarter, valued at approximately $3.66 million. Institutional investors collectively own 83.79% of FITB.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings of $0.83 per share narrowly missed analyst estimates. The stock opened at $58.05, near its 12-month high of $59.50.
• The bank declared a quarterly dividend of $0.40 per share, equivalent to an annualized $1.60 payout and a 2.8% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $60.54.

Flputnam Investment Management Co. acquired 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 13F filing with the Securities & Exchange Commission. The institutional investor acquired 65,006 shares of the financial services provider's stock, valued at approximately $3,664,000.

Several other hedge funds have also made changes to their positions in FITB. Center for Financial Planning Inc. acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter worth about $25,000. SouthState Bank Corp boosted its holdings in shares of 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 4th quarter worth about $29,000. Clearstead Trust LLC acquired a new stake in Fifth Third Bancorp during the second quarter valued at $29,000. Finally, Leonteq Securities AG acquired a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $30,000. Institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $58.05 on Monday. The company has a market capitalization of $52.65 billion, a P/E ratio of 19.48, a P/E/G ratio of 1.09 and a beta of 0.91. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The stock has a 50 day moving average of $56.27 and a 200-day moving average of $51.78.

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 the consensus estimate 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 company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the business earned $0.88 earnings per share. The company's revenue was up 45.8% on a year-over-year basis. As a group, equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 2.8%. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 54.61%.

Analyst Ratings Changes

FITB has been the subject of several research reports. Evercore set a $60.00 price objective on Fifth Third Bancorp in a research report on Monday, July 6th. Zacks Research downgraded shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Bank of America raised their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Wells Fargo & Company upped 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. Finally, Citigroup raised their price target on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to 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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