Gabelli Funds LLC Invests $3.88 Million in Fifth Third Bancorp $FITB

Key Points

• Gabelli Funds initiated a $3.88 million position in Fifth Third Bancorp by purchasing 83,626 shares during the first quarter. Institutional investors collectively own 83.79% of FITB’s outstanding stock.
• Analysts have raised several price targets, with the consensus rating at “Moderate Buy” and an average target of $60.49, compared with the stock’s reported price of $57.78.
• Fifth Third reported quarterly revenue of $3.26 billion, up 45.8% year over year, although earnings per share of $0.83 narrowly missed estimates. The bank also pays a quarterly dividend of $0.40 per share, equivalent to a 2.8% yield.

Gabelli Funds LLC bought a new position in shares of Fifth Third Bancorp (NASDAQ:FITB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 83,626 shares of the financial services provider's stock, valued at approximately $3,885,000.

Several other hedge funds have also recently bought and sold shares of FITB. Bank of New York Mellon Corp grew its stake in Fifth Third Bancorp by 303.4% during the first 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 buying an additional 15,101,629 shares during the period. Norges Bank purchased a new position in shares of Fifth Third Bancorp in the 4th quarter valued at $649,264,000. Price T Rowe Associates Inc. MD raised its stake in shares of Fifth Third Bancorp by 41.6% in the 4th 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 acquiring an additional 10,444,799 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Fifth Third Bancorp by 719.2% during the 4th quarter. Clearbridge Investments LLC now owns 3,012,022 shares of the financial services provider's stock valued at $140,993,000 after acquiring an additional 2,644,332 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Fifth Third Bancorp by 12.1% during the 4th quarter. Invesco Ltd. now owns 23,799,312 shares of the financial services provider's stock valued at $1,114,046,000 after acquiring an additional 2,574,712 shares in the last quarter. Hedge funds and other institutional investors own 83.79% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FITB. Truist Financial increased their price target on Fifth Third Bancorp from $57.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, June 24th. Citigroup boosted their price objective on Fifth Third Bancorp from $53.00 to $59.00 and gave the stock a "neutral" rating in a research note on Friday. Robert W. Baird upped their target price on Fifth Third Bancorp from $56.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, June 8th. Royal Bank Of Canada increased their target price on Fifth Third Bancorp from $57.00 to $62.00 and gave the company an "outperform" rating in a research note on Monday, July 20th. Finally, Zacks Research downgraded Fifth Third Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $60.49.

Fifth Third Bancorp Price Performance

FITB opened at $57.78 on Wednesday. Fifth Third Bancorp has a twelve month low of $40.04 and a twelve month high of $59.50. The firm has a market cap of $52.36 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 1.09 and a beta of 0.90. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59. The company has a fifty day simple moving average of $54.36 and a 200 day simple moving average of $51.09.

Fifth Third Bancorp (NASDAQ:FITB - Get Free Report) last issued its quarterly earnings data on Friday, July 17th. The financial services provider reported $0.83 EPS for the quarter, missing analysts' consensus estimates of $0.84 by ($0.01). The firm had revenue of $3.26 billion during 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 quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.88 EPS. Equities research analysts expect that Fifth Third Bancorp will post 4.1 EPS for the current fiscal year.

Fifth Third Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Tuesday, June 30th. Fifth Third Bancorp's payout ratio 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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