Bank of America Corp DE Makes New $995.72 Million Investment in Fifth Third Bancorp $FITB

Key Points

• Bank of America invested approximately $995.7 million in Fifth Third Bancorp during the second quarter, acquiring 17.66 million shares and taking a roughly 1.95% stake. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Analyst sentiment remains favorable, with one Strong Buy, 17 Buy, and five Hold ratings. The consensus rating is “Moderate Buy,” with an average price target of $60.54.
• Fifth Third reported quarterly revenue of $3.26 billion, exceeding estimates, while EPS of $0.83 fell slightly short of expectations. The stock opened at $54.39, compared with a 52-week range of $40.04 to $59.50.

Bank of America Corp DE purchased a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 17,663,946 shares of the financial services provider's stock, valued at approximately $995,717,000. Bank of America Corp DE owned about 1.95% of Fifth Third Bancorp as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Capital World Investors boosted its holdings in Fifth Third Bancorp by 5.6% in the fourth quarter. Capital World Investors now owns 32,549,669 shares of the financial services provider's stock worth $1,523,650,000 after purchasing an additional 1,719,361 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Fifth Third Bancorp during the second quarter valued at about $1,324,903,000. Invesco Ltd. lifted its position in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock worth $1,114,046,000 after buying an additional 2,574,712 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Fifth Third Bancorp by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 18,197,466 shares of the financial services provider's stock worth $848,672,000 after buying an additional 96,656 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $649,264,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on FITB. UBS Group increased their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. JPMorgan Chase & Co. upped their target price on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Argus upgraded Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. Finally, Robert W. Baird lifted their price target on shares of Fifth Third Bancorp from $56.00 to $58.00 and gave the company an "outperform" rating in a research report on Monday, June 8th. One research 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. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $60.54.

Fifth Third Bancorp Stock Down 0.6%

FITB opened at $54.39 on Tuesday. The company has a market capitalization of $49.32 billion, a P/E ratio of 18.25, a P/E/G ratio of 1.09 and a beta of 0.89. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm's fifty day moving average price is $56.31 and its two-hundred day moving average price is $52.12. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). The business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 EPS. On average, analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Profile

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.

Want to see what other hedge funds are holding FITB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fifth Third Bancorp (NASDAQ:FITB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.