Amundi Grows Position in Fifth Third Bancorp $FITB

Key Points

• Amundi increased its Fifth Third Bancorp stake by 19.4% in the second quarter, adding 323,768 shares to hold nearly 2 million shares worth approximately $112.4 million. Institutional investors collectively own 83.79% of FITB.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year and above estimates, but earnings of $0.83 per share narrowly missed the $0.84 consensus.
• Analysts remain generally positive, with FITB carrying a “Moderate Buy” consensus rating and an average price target of $60.54, versus a recent share price of $54.24.

Amundi increased its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 19.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,993,814 shares of the financial services provider's stock after purchasing an additional 323,768 shares during the quarter. Amundi owned 0.22% of Fifth Third Bancorp worth $112,391,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. California State Teachers Retirement System raised its position in Fifth Third Bancorp by 6,090.8% in the second quarter. California State Teachers Retirement System now owns 79,618,735 shares of the financial services provider's stock valued at $4,488,108,000 after purchasing an additional 78,332,647 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Fifth Third Bancorp during the second quarter worth $1,324,903,000. Bank of America Corp DE purchased a new stake in shares of Fifth Third Bancorp in the 2nd quarter valued at $995,717,000. Norges Bank acquired a new position in Fifth Third Bancorp during the 4th quarter worth about $649,264,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock worth $1,664,013,000 after acquiring an additional 10,444,799 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $54.24 on Thursday. The stock has a 50 day moving average price of $56.49 and a 200 day moving average price of $52.05. 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 company has a market capitalization of $49.19 billion, a price-to-earnings ratio of 18.20, a price-to-earnings-growth ratio of 1.09 and a beta of 0.89. Fifth Third Bancorp has a 52-week low of $40.04 and a 52-week high of $59.50.

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 analysts' consensus estimates 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 period in the previous year, the business posted $0.88 EPS. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. Research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FITB has been the subject of several research reports. Morgan Stanley lifted their target price on Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, June 29th. Wells Fargo & Company increased their price target on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Keefe, Bruyette & Woods lifted their price objective on shares of Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Finally, Bank of America upped their target price on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. 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 company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.54.

About Fifth Third Bancorp

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.

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