Advisors Capital Management LLC Takes $1.22 Million Position in Fifth Third Bancorp $FITB

Advisors Capital Management LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,708 shares of the financial services provider's stock, valued at approximately $1,224,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FITB. Cullen Frost Bankers Inc. lifted its holdings in shares of Fifth Third Bancorp by 4.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider's stock worth $199,000 after purchasing an additional 187 shares during the period. Equitable Holdings Inc. increased its stake in shares of Fifth Third Bancorp by 4.1% in the fourth quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock worth $232,000 after acquiring an additional 195 shares during the period. Basecamp Wealth Advisors LLC increased its stake in shares of Fifth Third Bancorp by 5.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock worth $180,000 after acquiring an additional 201 shares during the period. Koshinski Asset Management Inc. raised its holdings in shares of Fifth Third Bancorp by 3.1% during the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock worth $322,000 after purchasing an additional 206 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID raised its holdings in shares of Fifth Third Bancorp by 19.2% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock worth $61,000 after purchasing an additional 212 shares during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $54.76 on Friday. The stock has a market capitalization of $49.66 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.09 and a beta of 0.91. The company's fifty day moving average price is $56.54 and its 200 day moving average price is $51.97. 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.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted 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 company had revenue of $3.26 billion for 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%.The business's revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 earnings per share. As a group, equities research analysts anticipate that Fifth Third Bancorp will post 4.1 earnings per share 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 issued 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 dividend yield of 2.9%. Fifth Third Bancorp's dividend payout ratio is presently 54.61%.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Truist Financial upped 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. Robert W. Baird raised their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Keefe, Bruyette & Woods lifted their price target on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Evercore set a $60.00 price target on Fifth Third Bancorp in a report on Monday, July 6th. Finally, UBS Group raised their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 7th. One 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp 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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