Corient Private Wealth LP Acquires Shares of 375,002 Fifth Third Bancorp $FITB

Key Points

• Corient Private Wealth LP acquired 375,002 shares of Fifth Third Bancorp valued at approximately $21.1 million, while institutional investors collectively own 83.79% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $60.54, compared with the stock’s recent price of $54.57.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings of $0.83 per share narrowly missed estimates; it also maintains a quarterly dividend of $0.40 per share, yielding about 2.9%.

Corient Private Wealth LP bought a new position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 375,002 shares of the financial services provider's stock, valued at approximately $21,139,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FITB. Bank of New York Mellon Corp purchased a new position in Fifth Third Bancorp in the 2nd quarter worth approximately $1,324,903,000. Bank of America Corp DE bought a new position in Fifth Third Bancorp in the 2nd quarter valued at approximately $995,717,000. Norges Bank purchased a new stake in Fifth Third Bancorp during the 4th quarter valued at $649,264,000. Price T Rowe Associates Inc. MD boosted its stake in Fifth Third Bancorp by 41.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 35,548,204 shares of the financial services provider's stock valued at $1,664,013,000 after purchasing an additional 10,444,799 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in shares of Fifth Third Bancorp in the 2nd quarter worth $314,122,000. Institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on FITB shares. Stephens initiated coverage on Fifth Third Bancorp in a research note on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price target for the company. Zacks Research cut Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Keefe, Bruyette & Woods lifted their price objective 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. Evercore set a $60.00 target price on Fifth Third Bancorp in a research report on Monday, July 6th. Finally, Truist Financial upped their target price on shares of Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, June 24th. One 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Price Performance

NASDAQ FITB opened at $54.57 on Friday. The business's fifty day moving average price is $56.74 and its 200-day moving average price is $52.01. The stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 18.31, a PEG ratio of 1.09 and a beta of 0.91. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. 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 predict that Fifth Third Bancorp will post 4.1 earnings per share for the current year.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.40 dividend. 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%.

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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