Allworth Financial LP Takes Position in Fifth Third Bancorp $FITB

Key Points

• Allworth Financial LP acquired 32,846 shares of Fifth Third Bancorp in the second quarter, valued at approximately $1.85 million. Institutional investors and hedge funds collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings of $0.83 per share narrowly missed the $0.84 consensus estimate.
• The bank maintains a quarterly dividend of $0.40 per share, representing a 2.9% yield. Analysts rate the stock a consensus “Moderate Buy,” with an average price target of $60.54.

Allworth Financial LP acquired a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 32,846 shares of the financial services provider's stock, valued at approximately $1,852,000.

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

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $54.76 on Friday. The firm has a market capitalization of $49.66 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.09 and a beta of 0.91. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The business has a fifty day simple moving average of $56.54 and a 200 day simple moving average of $51.97. 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 (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period last year, the company earned $0.88 EPS. The business's revenue for the quarter was up 45.8% on a year-over-year basis. Sell-side analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) is currently 54.61%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. UBS Group upped their price objective on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Truist Financial raised their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. Citigroup boosted their target price on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research report on Friday, July 24th. Robert W. Baird upped their price objective on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. Finally, Stephens started coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price objective on the stock. One research 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 company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus 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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