Beacon Pointe Advisors LLC Invests $2.53 Million in Fifth Third Bancorp $FITB

Beacon Pointe Advisors LLC bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 44,896 shares of the financial services provider's stock, valued at approximately $2,531,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of FITB. Cullen Frost Bankers Inc. lifted its position in Fifth Third Bancorp by 4.6% during the fourth quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider's stock worth $199,000 after buying an additional 187 shares in the last quarter. Equitable Holdings Inc. raised its holdings in shares of Fifth Third Bancorp by 4.1% during the 4th quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock worth $232,000 after acquiring an additional 195 shares during the period. Basecamp Wealth Advisors LLC boosted its position in shares of Fifth Third Bancorp by 5.5% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock valued at $180,000 after acquiring an additional 201 shares during the last quarter. Koshinski Asset Management Inc. grew its holdings in shares of Fifth Third Bancorp by 3.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock valued at $322,000 after purchasing an additional 206 shares during the period. Finally, Legacy Wealth Managment LLC ID increased its position in Fifth Third Bancorp by 19.2% during the first quarter. Legacy Wealth Managment LLC ID now owns 1,319 shares of the financial services provider's stock worth $61,000 after purchasing an additional 212 shares during the last quarter. 83.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FITB has been the topic of several recent analyst reports. Truist Financial boosted their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Bank of America raised their price target on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Citigroup lifted their price target on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. Keefe, Bruyette & Woods increased their price objective on Fifth Third Bancorp from $58.00 to $60.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Finally, Robert W. Baird increased their price target on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $60.54.

Fifth Third Bancorp Stock Down 0.5%

Shares of FITB opened at $54.57 on Friday. The company's 50-day simple moving average is $56.74 and its 200-day simple moving average is $52.01. 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 has a 1 year low of $40.04 and a 1 year high of $59.50. The stock has a market capitalization of $49.49 billion, a PE ratio of 18.31, a P/E/G ratio of 1.09 and a beta of 0.91.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing the consensus estimate 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the firm earned $0.88 EPS. The business's revenue was up 45.8% on a year-over-year basis. Analysts forecast that Fifth Third Bancorp will post 4.1 earnings per share for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's dividend payout ratio (DPR) 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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