Bank of America Corp DE Has $785.61 Million Position in Fifth Third Bancorp $FITB

Key Points

• Bank of America increased its Fifth Third Bancorp stake by 8% in the first quarter, holding 16.9 million shares valued at approximately $785.6 million, or 1.87% of FITB. Institutional investors collectively own 83.79% of the company.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, while earnings of $0.83 per share narrowly missed analyst estimates. The bank maintained a quarterly dividend of $0.40, equivalent to a 2.8% annual yield.
• Analyst sentiment remains positive, with a “Moderate Buy” consensus rating and an average price target of $60.54, compared with the stock’s reported price of $56.55.

Bank of America Corp DE grew its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 8.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,909,345 shares of the financial services provider's stock after purchasing an additional 1,248,846 shares during the period. Bank of America Corp DE owned approximately 1.87% of Fifth Third Bancorp worth $785,608,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FITB. D.A. Davidson & CO. boosted its holdings in Fifth Third Bancorp by 69.7% in the first quarter. D.A. Davidson & CO. now owns 50,783 shares of the financial services provider's stock worth $2,359,000 after acquiring an additional 20,862 shares in the last quarter. Robinhood Asset Management LLC purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at approximately $8,529,000. Keybank National Association OH boosted its stake in Fifth Third Bancorp by 33.2% in the 1st quarter. Keybank National Association OH now owns 85,781 shares of the financial services provider's stock worth $3,985,000 after purchasing an additional 21,365 shares in the last quarter. Geode Capital Management LLC boosted its stake in Fifth Third Bancorp by 0.5% in the 4th quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock worth $848,672,000 after purchasing an additional 96,656 shares in the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. purchased a new stake in Fifth Third Bancorp during the 4th quarter worth approximately $1,514,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ FITB opened at $56.55 on Friday. The company's fifty day moving average price is $54.80 and its 200 day moving average price is $51.23. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The company has a market capitalization of $51.25 billion, a PE ratio of 18.98, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. 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 (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). The firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The firm's quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 EPS. On average, research analysts predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. Fifth Third Bancorp's payout ratio is 54.61%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FITB. Citigroup increased their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Zacks Research downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. UBS Group upped their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Argus raised shares of Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Finally, Wall Street Zen raised shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average target price of $60.54.

About Fifth Third Bancorp

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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