Fifth Third Bancorp $FITB Shares Purchased by Wellington Management Group LLP

Key Points

• Wellington Management increased its Fifth Third Bancorp stake by 20.2% in the second quarter, adding nearly 4 million shares to hold 23.65 million shares worth approximately $1.33 billion, or 2.61% of the company.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $60.54. Recent target increases included Wells Fargo’s move to $67 and UBS’s move to $65.
• Fifth Third reported quarterly EPS of $0.83, slightly below estimates, while revenue of $3.26 billion exceeded expectations and rose 45.8% year over year. The company also pays a quarterly dividend of $0.40 per share, implying a 2.9% yield.

Wellington Management Group LLP raised its position in Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 20.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 23,653,758 shares of the financial services provider's stock after purchasing an additional 3,972,795 shares during the period. Wellington Management Group LLP owned about 2.61% of Fifth Third Bancorp worth $1,333,362,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Cullen Frost Bankers Inc. grew its stake in Fifth Third Bancorp by 4.6% in the 4th quarter. Cullen Frost Bankers Inc. now owns 4,261 shares of the financial services provider's stock valued at $199,000 after acquiring an additional 187 shares during the last quarter. Equitable Holdings Inc. lifted its holdings in shares of Fifth Third Bancorp by 4.1% in the fourth quarter. Equitable Holdings Inc. now owns 4,950 shares of the financial services provider's stock valued at $232,000 after purchasing an additional 195 shares in the last quarter. Basecamp Wealth Advisors LLC lifted its holdings in shares of Fifth Third Bancorp by 5.5% in the first quarter. Basecamp Wealth Advisors LLC now owns 3,869 shares of the financial services provider's stock valued at $180,000 after purchasing an additional 201 shares in the last quarter. Koshinski Asset Management Inc. grew its position in shares of Fifth Third Bancorp by 3.1% in the fourth quarter. Koshinski Asset Management Inc. now owns 6,870 shares of the financial services provider's stock valued at $322,000 after purchasing an additional 206 shares during the last quarter. Finally, Legacy Wealth Managment LLC ID grew its position in shares of Fifth Third Bancorp by 19.2% in the first 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 during the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analyst Ratings Changes

FITB has been the subject of several research reports. Wells Fargo & Company lifted their price objective on Fifth Third Bancorp from $58.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods increased their target price on Fifth Third Bancorp from $58.00 to $60.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Royal Bank Of Canada raised their price target on Fifth Third Bancorp from $57.00 to $62.00 and gave the stock an "outperform" rating in a research report on Monday, July 20th. Stephens started coverage on Fifth Third Bancorp in a report on Monday, June 15th. They issued an "equal weight" rating and a $58.00 price target for the company. Finally, UBS Group upped their price objective on Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $60.54.

Fifth Third Bancorp Stock Performance

NASDAQ:FITB opened at $54.57 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market cap of $49.49 billion, a PE ratio of 18.31, a P/E/G ratio of 1.09 and a beta of 0.91. The firm has a 50 day simple moving average of $56.74 and a 200-day simple moving average of $52.01. Fifth Third Bancorp has a 1-year low of $40.04 and a 1-year high of $59.50.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last announced 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 firm 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 firm's revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.88 EPS. On average, equities analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.40 per share. The ex-dividend date was Tuesday, June 30th. This represents a $1.60 annualized dividend and a dividend yield of 2.9%. Fifth Third Bancorp's dividend payout ratio (DPR) is 54.61%.

Fifth Third Bancorp 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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