Arete Wealth Advisors LLC Raises Stock Holdings in Fifth Third Bancorp $FITB

Key Points

• Arete Wealth Advisors increased its Fifth Third Bancorp stake by 164.6% in the first quarter, ending with 31,435 shares worth approximately $1.46 million. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Analysts maintain a “Moderate Buy” consensus, with 18 Buy or Strong Buy ratings and an average price target of $60.54, above the stock’s reported $56.65 opening price.
• Fifth Third slightly missed quarterly earnings estimates at $0.83 per share versus $0.84 expected, though revenue rose 45.8% year over year to $3.26 billion. The bank also pays a quarterly dividend of $0.40, representing a 2.8% annualized yield.

Arete Wealth Advisors LLC boosted its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 164.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,435 shares of the financial services provider's stock after acquiring an additional 19,553 shares during the period. Arete Wealth Advisors LLC's holdings in Fifth Third Bancorp were worth $1,459,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in FITB. Sunbelt Securities Inc. grew its holdings in shares of Fifth Third Bancorp by 168.5% during the first quarter. Sunbelt Securities Inc. now owns 3,082 shares of the financial services provider's stock valued at $143,000 after purchasing an additional 1,934 shares during the last quarter. Amundi lifted its holdings in shares of Fifth Third Bancorp by 31.8% in the 1st quarter. Amundi now owns 1,670,046 shares of the financial services provider's stock worth $77,590,000 after purchasing an additional 402,734 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Fifth Third Bancorp by 398.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 18,997 shares of the financial services provider's stock valued at $883,000 after purchasing an additional 15,187 shares during the period. California State Teachers Retirement System boosted its position in Fifth Third Bancorp by 25.3% during the 1st quarter. California State Teachers Retirement System now owns 1,286,088 shares of the financial services provider's stock valued at $59,752,000 after purchasing an additional 259,610 shares during the period. Finally, Empowered Funds LLC grew its stake in Fifth Third Bancorp by 187.7% during the 1st quarter. Empowered Funds LLC now owns 50,073 shares of the financial services provider's stock worth $2,326,000 after buying an additional 32,668 shares during the last quarter. 83.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FITB shares. UBS Group boosted their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Truist Financial increased their price objective on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, June 24th. DA Davidson lifted 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 report on Monday, July 20th. Stephens started coverage on shares of Fifth Third Bancorp in a research note on Monday, June 15th. They set an "equal weight" rating and a $58.00 target price for the company. Finally, Royal Bank Of Canada raised their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $60.54.

Fifth Third Bancorp Stock Down 2.0%

FITB opened at $56.65 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company has a market capitalization of $51.34 billion, a PE ratio of 19.01, a P/E/G ratio of 1.09 and a beta of 0.90. The stock's fifty day moving average is $54.51 and its 200-day moving average is $51.14. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings results 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 net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same period in the previous year, the company posted $0.88 earnings per share. Fifth Third Bancorp's revenue was up 45.8% compared to the same quarter last year. On average, equities analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is presently 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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