73,291 Shares in Fifth Third Bancorp $FITB Purchased by United Capital Financial Advisors LLC

Key Points

• United Capital Financial Advisors LLC acquired 73,291 shares of Fifth Third Bancorp in the second quarter, valued at approximately $4.13 million. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $60.54, above the reported share price of $54.57.
• 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 company maintains a quarterly dividend of $0.40 per share, representing a 2.9% annualized yield.

United Capital Financial Advisors LLC acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 73,291 shares of the financial services provider's stock, valued at approximately $4,131,000.

A number of other hedge funds have also recently bought and sold shares of FITB. Empowered Funds LLC lifted its holdings in shares of Fifth Third Bancorp by 7.1% in the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock valued at $543,000 after purchasing an additional 916 shares in the last quarter. Woodline Partners LP grew its stake in shares of Fifth Third Bancorp by 40.5% in the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock valued at $2,218,000 after buying an additional 16,323 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in Fifth Third Bancorp by 45.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock worth $100,000 after buying an additional 759 shares during the last quarter. Brown Advisory Inc. increased its holdings in Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock worth $422,000 after buying an additional 484 shares during the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in Fifth Third Bancorp during the second quarter valued at approximately $968,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on FITB shares. UBS Group boosted their target price on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Truist Financial raised their price target on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Zacks Research lowered shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. Citigroup upped their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Finally, Bank of America raised their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 20th. One investment 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 MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Trading Down 0.5%

Shares of FITB stock opened at $54.57 on Friday. Fifth Third Bancorp has a 12 month low of $40.04 and a 12 month high of $59.50. The company has a market cap of $49.49 billion, a PE ratio of 18.31, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. 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 business's 50 day moving average is $56.74 and its two-hundred day moving average is $52.01.

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 for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.Fifth Third Bancorp's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Equities analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current 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 dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. 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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