Empowered Funds LLC Has $2.33 Million Stock Position in Fifth Third Bancorp $FITB

Key Points

• Empowered Funds LLC increased its Fifth Third Bancorp stake by 187.7% in the first quarter, reaching 50,073 shares valued at approximately $2.33 million. Institutional investors collectively own 83.79% of FITB.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings per share of $0.83 narrowly missed the $0.84 consensus estimate.
• FITB shares opened at $57.56, while analysts maintain a “Moderate Buy” consensus with an average price target of $60.54. The company also pays a quarterly dividend of $0.40, representing a 2.8% yield.

Empowered Funds LLC grew its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 187.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,073 shares of the financial services provider's stock after purchasing an additional 32,668 shares during the quarter. Empowered Funds LLC's holdings in Fifth Third Bancorp were worth $2,326,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in Fifth Third Bancorp by 303.4% during the first quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider's stock valued at $932,904,000 after buying an additional 15,101,629 shares in the last quarter. Norges Bank bought a new stake in shares of Fifth Third Bancorp during the 4th quarter worth about $649,264,000. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 acquiring an additional 10,444,799 shares during the last quarter. Clearbridge Investments LLC increased its holdings in shares of Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock valued at $140,993,000 after acquiring an additional 2,644,332 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Fifth Third Bancorp by 12.1% in the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock valued at $1,114,046,000 after acquiring an additional 2,574,712 shares in the last quarter. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Stock Performance

Shares of NASDAQ:FITB opened at $57.56 on Thursday. The business's fifty day moving average price is $55.26 and its two-hundred day moving average price is $51.44. Fifth Third Bancorp has a fifty-two week low of $40.04 and a fifty-two week high of $59.50. The stock has a market capitalization of $52.17 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. 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 (NASDAQ:FITB - Get Free Report) last posted its earnings results on Friday, July 17th. The financial services provider reported $0.83 earnings per share 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 firm had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the previous year, the company posted $0.88 EPS. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, analysts predict that Fifth Third Bancorp will post 4.1 EPS 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 $0.40 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a yield of 2.8%. Fifth Third Bancorp's payout ratio is presently 54.61%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FITB. Zacks Research cut Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 11th. The Goldman Sachs Group lifted their price target on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, April 22nd. 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 research note on Monday, July 6th. 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. Finally, Wall Street Zen upgraded shares of Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research note on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $60.54.

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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