Family Legacy Inc. Invests $1.15 Million in Fifth Third Bancorp $FITB

Key Points

• Family Legacy Inc. purchased 20,452 shares of Fifth Third Bancorp in the second quarter, valued at approximately $1.15 million. 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; Bank of America and Goldman Sachs both reiterated buy ratings.
• 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. The bank also pays a quarterly dividend of $0.40, equating to a 2.8% annualized yield.

Family Legacy Inc. bought a new stake in Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,452 shares of the financial services provider's stock, valued at approximately $1,153,000.

Other hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp grew its position in shares of Fifth Third Bancorp by 303.4% during the 1st quarter. Bank of New York Mellon Corp now owns 20,079,733 shares of the financial services provider's stock worth $932,904,000 after purchasing an additional 15,101,629 shares in the last quarter. Norges Bank bought a new position in shares of Fifth Third Bancorp during the fourth quarter worth approximately $649,264,000. Price T Rowe Associates Inc. MD raised its position in shares of Fifth Third Bancorp by 41.6% in the fourth 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 buying an additional 10,444,799 shares in the last quarter. Clearbridge Investments LLC raised its position in shares of Fifth Third Bancorp by 719.2% in the fourth quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock valued at $140,993,000 after buying an additional 2,644,332 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Fifth Third Bancorp by 12.1% in the fourth quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock valued at $1,114,046,000 after buying an additional 2,574,712 shares during the period. 83.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on FITB shares. Stephens assumed coverage on Fifth Third Bancorp in a research report on Monday, June 15th. They set an "equal weight" rating and a $58.00 target price for the company. Wall Street Zen upgraded Fifth Third Bancorp from a "strong sell" rating to a "sell" rating in a research report on Sunday, May 10th. Bank of America boosted their price target on Fifth Third Bancorp from $63.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, July 20th. The Goldman Sachs Group upped their price objective on shares of Fifth Third Bancorp from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday, April 22nd. Finally, Zacks Research downgraded shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $60.54.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $58.05 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50. The stock has a market capitalization of $52.65 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 1.09 and a beta of 0.91. The stock has a fifty day moving average of $56.27 and a 200-day moving average of $51.77.

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

Fifth Third Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a $0.40 dividend. 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 dividend payout ratio (DPR) is presently 54.61%.

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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