Fifth Third Bancorp $FITB Stake Raised by Saudi Central Bank

Key Points

• Saudi Central Bank nearly doubled its Fifth Third Bancorp stake by 91% in the second quarter, bringing its holdings to 63,390 shares valued at approximately $3.6 million. Institutional investors and hedge funds collectively own 83.79% of FITB.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $60.54; UBS and Bank of America raised their targets to $65.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, but earnings of $0.83 per share fell slightly short of estimates. The company also maintains a $0.40 quarterly dividend, equivalent to a 2.9% yield.

Saudi Central Bank lifted its stake in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) by 91.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 63,390 shares of the financial services provider's stock after acquiring an additional 30,201 shares during the quarter. Saudi Central Bank's holdings in Fifth Third Bancorp were worth $3,573,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Empowered Funds LLC boosted its holdings in shares of Fifth Third Bancorp by 7.1% during the first quarter. Empowered Funds LLC now owns 13,864 shares of the financial services provider's stock worth $543,000 after purchasing an additional 916 shares during the period. Woodline Partners LP raised its stake in Fifth Third Bancorp by 40.5% during the 1st quarter. Woodline Partners LP now owns 56,592 shares of the financial services provider's stock valued at $2,218,000 after purchasing an additional 16,323 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Fifth Third Bancorp by 45.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,428 shares of the financial services provider's stock worth $100,000 after buying an additional 759 shares in the last quarter. Brown Advisory Inc. raised its stake in shares of Fifth Third Bancorp by 5.0% in the second quarter. Brown Advisory Inc. now owns 10,252 shares of the financial services provider's stock valued at $422,000 after purchasing an additional 484 shares in the last quarter. Finally, Gamco Investors INC. ET AL bought a new position in Fifth Third Bancorp during the second quarter worth about $968,000. 83.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Argus raised shares of Fifth Third Bancorp to a "strong-buy" rating in a report on Wednesday, July 22nd. UBS Group increased their price target on shares of Fifth Third Bancorp from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Zacks Research lowered shares of Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. Bank of America boosted 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. Finally, Citigroup increased their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the company a "neutral" rating in a research report on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Fifth Third Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $60.54.

Fifth Third Bancorp Trading Up 0.1%

Shares of NASDAQ FITB opened at $54.93 on Monday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The stock has a market cap of $49.82 billion, a price-to-earnings ratio of 18.43, a P/E/G ratio of 1.09 and a beta of 0.89. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.59. The company's fifty day moving average is $56.63 and its 200-day moving average is $52.02.

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). The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $3.24 billion. Fifth Third Bancorp had a net margin of 15.89% and a return on equity of 12.39%. The company's revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.88 EPS. Equities research analysts predict that Fifth Third Bancorp will post 4.1 EPS for the current year.

Fifth Third Bancorp Announces Dividend

The company also recently announced 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. This represents a $1.60 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. Fifth Third Bancorp's payout ratio is presently 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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