Cetera Investment Advisers Buys 43,848 Shares of Fifth Third Bancorp $FITB

Key Points

• Cetera Investment Advisers increased its Fifth Third Bancorp stake by 11.7% in the first quarter, buying 43,848 shares to reach 418,038 shares valued at approximately $19.4 million. Institutional investors collectively own 83.79% of FITB.
• Analyst sentiment is favorable, with a consensus “Moderate Buy” rating and a $60.49 average price target. Several firms recently raised their targets, with RBC setting the highest cited target at $62.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 narrowly missed estimates. The bank pays a quarterly dividend of $0.40 per share, representing a 2.8% yield.

Cetera Investment Advisers grew its stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 11.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 418,038 shares of the financial services provider's stock after purchasing an additional 43,848 shares during the period. Cetera Investment Advisers' holdings in Fifth Third Bancorp were worth $19,422,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Alpha Family Trust bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth approximately $411,000. Dynamic Wealth Strategies LLC acquired a new stake in shares of Fifth Third Bancorp in the 1st quarter valued at $45,000. NewEdge Wealth LLC grew its holdings in shares of Fifth Third Bancorp by 5,269.0% in the 1st quarter. NewEdge Wealth LLC now owns 1,326,949 shares of the financial services provider's stock worth $61,650,000 after purchasing an additional 1,302,234 shares during the last quarter. WealthCollab LLC bought a new stake in shares of Fifth Third Bancorp in the 1st quarter worth about $73,000. Finally, CI Investments Inc. increased its position in shares of Fifth Third Bancorp by 1.3% during the 1st quarter. CI Investments Inc. now owns 30,233 shares of the financial services provider's stock worth $1,405,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 83.79% of the company's stock.

Wall Street Analysts Forecast Growth

FITB has been the subject of several analyst reports. Weiss Ratings raised shares of Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 1st. Evercore set a $60.00 price objective on shares of Fifth Third Bancorp in a research note on Monday, July 6th. Jefferies Financial Group raised their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a report on Wednesday, April 8th. Royal Bank Of Canada lifted their target price 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. Finally, Argus raised Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.49.

Fifth Third Bancorp Price Performance

Shares of FITB stock opened at $57.00 on Tuesday. Fifth Third Bancorp has a 1 year low of $40.04 and a 1 year high of $59.50. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The firm's 50 day moving average is $54.15 and its 200-day moving average is $51.03. The firm has a market capitalization of $51.66 billion, a price-to-earnings ratio of 19.13, a PEG ratio of 1.09 and a beta of 0.90.

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). The company 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 business's revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 EPS. Sell-side analysts forecast that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is currently 54.61%.

Fifth Third Bancorp 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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