Commerzbank Aktiengesellschaft FI Takes $1.49 Million Position in Fifth Third Bancorp $FITB

Key Points

• Commerzbank Aktiengesellschaft FI acquired 26,453 shares of Fifth Third Bancorp valued at approximately $1.49 million during the second quarter. 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 analysts’ $0.84 estimate.
• The bank maintains a quarterly dividend of $0.40 per share, equivalent to a 2.8% yield, and analysts have a consensus “Moderate Buy” rating with an average price target of $60.54.

Commerzbank Aktiengesellschaft FI bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 26,453 shares of the financial services provider's stock, valued at approximately $1,491,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clearstead Trust LLC bought a new stake in Fifth Third Bancorp in the 2nd quarter worth $29,000. Center for Financial Planning Inc. bought a new position in shares of Fifth Third Bancorp during the first quarter valued at about $25,000. SouthState Bank Corp boosted its holdings in shares of Fifth Third Bancorp by 74.7% during the first quarter. SouthState Bank Corp now owns 552 shares of the financial services provider's stock worth $26,000 after purchasing an additional 236 shares during the period. Monetary Solutions Ltd purchased a new stake in shares of Fifth Third Bancorp during the fourth quarter worth about $29,000. Finally, Leonteq Securities AG bought a new stake in shares of Fifth Third Bancorp in the fourth quarter worth about $30,000. 83.79% of the stock is currently owned by institutional investors.

Fifth Third Bancorp Price Performance

Shares of FITB opened at $57.30 on Wednesday. The firm has a market cap of $51.96 billion, a PE ratio of 19.23, a P/E/G ratio of 1.09 and a beta of 0.91. 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 has a fifty day simple moving average of $56.47 and a two-hundred day simple moving average of $51.88. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its quarterly earnings results 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). Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.24 billion. During the same quarter last year, the business earned $0.88 earnings per share. The business's quarterly revenue was up 45.8% on a year-over-year basis. On average, equities analysts anticipate that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

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

Analysts Set New Price Targets

FITB has been the subject of a number of recent analyst reports. Argus raised Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Truist Financial boosted their target price on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. Stephens started coverage on shares of Fifth Third Bancorp in a report on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price target on the stock. DA Davidson upped their target price on Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Finally, Evercore set a $60.00 price target on Fifth Third Bancorp in a research report on Monday, July 6th. One investment 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $60.54.

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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