Elevation Point Wealth Partners LLC Acquires Shares of 37,002 Fifth Third Bancorp $FITB

Key Points

• Elevation Point Wealth Partners acquired 37,002 shares of Fifth Third Bancorp worth approximately $2.1 million during the second quarter. Institutional investors and hedge funds collectively own 83.79% of the company.
• Analysts maintain a generally positive outlook, with Fifth Third receiving a “Moderate Buy” consensus rating and an average price target of $60.54, above its reported opening price of $54.76.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, though earnings per share of $0.83 narrowly missed expectations. The bank also declared a quarterly dividend of $0.40 per share, representing a 2.9% annualized yield.

Elevation Point Wealth Partners LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 37,002 shares of the financial services provider's stock, valued at approximately $2,097,000.

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

Wall Street Analyst Weigh In

FITB has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price objective on shares of Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Zacks Research downgraded shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. Truist Financial boosted their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, June 24th. JPMorgan Chase & Co. upped their price target on Fifth Third Bancorp from $61.00 to $62.00 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Finally, UBS Group raised their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Fifth Third Bancorp presently has an average rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $54.76 on Monday. Fifth Third Bancorp has a 12-month low of $40.04 and a 12-month high of $59.50. The stock has a market cap of $49.66 billion, a P/E ratio of 18.38, a PEG 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 company has a 50-day moving average of $56.54 and a two-hundred day moving average of $51.97.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data 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). 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 for the quarter, compared to analysts' expectations of $3.24 billion. During the same period last year, the business earned $0.88 earnings per share. The company's revenue for the quarter was up 45.8% on a year-over-year basis. As a group, research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.9%. 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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