Fifth Third Bancorp $FITB Shares Bought by Junto Capital Management LP

Key Points

• Junto Capital Management increased its Fifth Third Bancorp stake by 85.2% in the second quarter, adding 503,306 shares to own 1.09 million shares valued at approximately $61.7 million.
• Institutional investors and hedge funds collectively own 83.79% of FITB, with several firms—including the National Pension Service—also increasing their positions during the quarter.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but EPS of $0.83 slightly missed estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $60.54.

Junto Capital Management LP lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 85.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,094,284 shares of the financial services provider's stock after acquiring an additional 503,306 shares during the quarter. Junto Capital Management LP owned 0.12% of Fifth Third Bancorp worth $61,685,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of FITB. Sequoia Financial Advisors LLC increased its stake in Fifth Third Bancorp by 4.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 49,334 shares of the financial services provider's stock worth $2,781,000 after purchasing an additional 2,261 shares in the last quarter. Tidal Investments LLC lifted its stake in Fifth Third Bancorp by 30.7% during the second quarter. Tidal Investments LLC now owns 39,522 shares of the financial services provider's stock valued at $2,228,000 after buying an additional 9,278 shares in the last quarter. MCF Advisors LLC lifted its stake in Fifth Third Bancorp by 15.2% during the second quarter. MCF Advisors LLC now owns 80,860 shares of the financial services provider's stock valued at $4,583,000 after buying an additional 10,656 shares in the last quarter. National Pension Service boosted its holdings in shares of Fifth Third Bancorp by 22.3% in the second quarter. National Pension Service now owns 1,309,111 shares of the financial services provider's stock worth $73,795,000 after buying an additional 238,872 shares during the period. Finally, Summit Financial Strategies Inc. purchased a new position in shares of Fifth Third Bancorp in the second quarter worth approximately $201,000. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Stock Performance

Shares of FITB opened at $54.24 on Thursday. The company has a market capitalization of $49.19 billion, a PE ratio of 18.20, a PEG ratio of 1.09 and a beta of 0.89. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.83 and a current ratio of 0.83. The company's 50 day moving average price is $56.49 and its 200 day moving average price is $52.05. Fifth Third Bancorp has a 52 week low of $40.04 and a 52 week high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last released its 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). The company had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The firm's quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.88 EPS. Research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on FITB shares. Citigroup upped their price target on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. DA Davidson lifted their price objective on shares of Fifth Third Bancorp from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. UBS Group increased their target price on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Argus raised Fifth Third Bancorp to a "strong-buy" rating in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company lifted their price target on Fifth Third Bancorp from $58.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $60.54.

Fifth Third Bancorp Profile

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Fifth Third Bank, the company provides banking and financial services to individuals, businesses, governments and institutional clients.

Its offerings include checking and savings accounts, mortgages, home equity loans, consumer lending, credit cards, commercial loans, treasury management and other business banking services. Fifth Third also provides wealth management, investment advisory, brokerage, trust and asset-management services, as well as capital markets and investment banking capabilities for corporate and institutional customers.

Fifth Third Bank operates through a branch and digital banking network primarily serving communities across the Midwest and Southeast, including markets in Ohio, Michigan, Florida, Georgia, Illinois, Indiana, Kentucky, North Carolina, South Carolina, Tennessee and West Virginia.

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