Fifth Third Bancorp $FITB Shares Bought by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company increased its Fifth Third Bancorp stake by 21.8% in the first quarter, bringing its holdings to 2.04 million shares worth approximately $94.9 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 of $0.83 per share narrowly missed estimates of $0.84. The company maintains a $0.40 quarterly dividend, equivalent to a 2.8% yield.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $60.49, compared with the stock’s reported price of $57.78.

The Manufacturers Life Insurance Company grew its holdings in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 21.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 2,043,366 shares of the financial services provider's stock after buying an additional 365,996 shares during the period. The Manufacturers Life Insurance Company owned 0.23% of Fifth Third Bancorp worth $94,935,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Infrastructure Capital Advisors LLC increased its position in Fifth Third Bancorp by 23.5% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 20,752 shares of the financial services provider's stock valued at $964,000 after acquiring an additional 3,952 shares during the period. Maverick Capital Ltd. acquired a new position in shares of Fifth Third Bancorp in the first quarter valued at approximately $1,038,000. Quantinno Capital Management LP raised its stake in shares of Fifth Third Bancorp by 50.0% during the first quarter. Quantinno Capital Management LP now owns 623,022 shares of the financial services provider's stock worth $28,946,000 after purchasing an additional 207,755 shares during the last quarter. Gateway Wealth Partners LLC acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $602,000. Finally, Blue Chip Partners LLC acquired a new stake in shares of Fifth Third Bancorp during the first quarter worth $1,187,000. Institutional investors and hedge funds own 83.79% of the company's stock.

Fifth Third Bancorp Price Performance

Fifth Third Bancorp stock opened at $57.78 on Wednesday. The company has a market cap of $52.36 billion, a P/E ratio of 19.39, a price-to-earnings-growth ratio of 1.09 and a beta of 0.90. Fifth Third Bancorp has a one year low of $40.04 and a one year high of $59.50. The business has a fifty day moving average of $54.36 and a two-hundred day moving average of $51.09. 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 (NASDAQ:FITB - Get Free Report) last posted its quarterly earnings results 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). The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $3.24 billion. Fifth Third Bancorp had a return on equity of 12.39% and a net margin of 15.89%.The business's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period last year, the company earned $0.88 earnings per share. As a group, analysts predict 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 disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $1.60 dividend on an annualized basis and a yield of 2.8%. Fifth Third Bancorp's payout ratio is currently 54.61%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on FITB shares. Citigroup boosted their price objective on shares of Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research note on Friday. Royal Bank Of Canada lifted their target price on shares of Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a report on Monday, July 20th. Wolfe Research cut their price target on shares of Fifth Third Bancorp from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 1st. 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. Finally, Weiss Ratings raised Fifth Third Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Fifth Third Bancorp has a consensus rating of "Moderate Buy" and a consensus target price of $60.49.

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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