Bank of Nova Scotia Acquires New Position in Fifth Third Bancorp $FITB

Bank of Nova Scotia acquired a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 109,116 shares of the financial services provider's stock, valued at approximately $6,151,000.

Several other large investors have also bought and sold shares of FITB. Center for Financial Planning Inc. bought a new position in Fifth Third Bancorp in the 1st quarter valued at approximately $25,000. SouthState Bank Corp increased its holdings in shares of Fifth Third Bancorp by 74.7% in the 1st quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after purchasing an additional 236 shares in the last quarter. Monetary Solutions Ltd purchased a new position in shares of Fifth Third Bancorp in the fourth quarter worth $29,000. Clearstead Trust LLC purchased a new position in shares of Fifth Third Bancorp in the second quarter worth $29,000. Finally, Leonteq Securities AG bought a new position in shares of Fifth Third Bancorp during the fourth quarter valued at $30,000. 83.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FITB has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Weiss Ratings upgraded shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, June 1st. Keefe, Bruyette & Woods raised their price target 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. Royal Bank Of Canada lifted their price target on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a research note on Monday, July 20th. Finally, Morgan Stanley boosted their price objective on shares of Fifth Third Bancorp from $60.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, June 29th. One research 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Price Performance

Shares of NASDAQ:FITB opened at $54.96 on Wednesday. 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 stock has a market capitalization of $49.84 billion, a PE ratio of 18.44, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The firm's 50 day moving average price is $56.61 and its 200-day moving average price is $51.99. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced its 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 net margin of 15.89% and a return on equity of 12.39%. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. During the same quarter last year, the firm posted $0.88 earnings per share. The business's quarterly revenue was up 45.8% compared to the same quarter last year. Equities research analysts expect that Fifth Third Bancorp will post 4.1 EPS 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 dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.9%. Fifth Third Bancorp's payout ratio is presently 54.61%.

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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